07 Risks and legal
Risks and legal
The four risks we consider most important, what the round does about each, where each legal area stands, and answers to the questions investors ask most often.
Risks
Main risks
| Risk | Why it is real | What the round does about it |
|---|---|---|
| Demand is not proven | No signed enterprise contract yet | Three pilots with written success measures, and ten structured buyer interviews run by someone other than a founder |
| Operators sell directly to clients | An operator programme is cheaper for a client in one market | Several suppliers: two aggregator agreements give clients a route that does not depend on one operator |
| Competitors with more money | Aduna, Vonage and Infobip reach more markets | Compete on published prices, use of the client's own contracts and one invoice, where they do not |
| Dependence on the founders | Supplier and client relationships sit with one person | The first hire is a head of supply, who takes over the supplier agreements before the round closes |
Legal
Legal and compliance status
| Area | What it covers | Status |
|---|---|---|
| Corporate | Registry extract, articles of association, shareholder register, board minutes | On request |
| Intellectual property | Source code owned by the company; IP assignments from founders and team; the Plumma trademark | On request |
| Industry | GSMA Open Gateway channel partner agreement, May 2026 | In force |
| Supply | Operator supply in Italy and Spain; two aggregator agreements in negotiation | On request |
| Clients | Three pilot agreements; master services agreement and client annex templates | On request |
| Data protection | Records of processing; data processing agreement template; consent stored in the EU | On request |
| Regulation | Position under PSD3, the Payment Services Regulation and eIDAS. Plumma is not a payment institution | In preparation |
| Disputes | No litigation, claims or regulatory proceedings | None |
Documents marked on request are sent by email to investors in the process.
Questions
Common questions
Why would a bank not go to the operator directly?
It can, for one operator in one market. Plumma is for a company that needs several operators in several countries under one contract, one invoice and one record.
What stops Aduna, Vonage or Infobip from doing the same?
They reach more markets and will keep doing so. None of them publishes prices, accepts the client's own operator contracts, or refuses payments from suppliers. Each is also a possible supplier and partner.
Why Italy first?
The founders' relationships are there, Italian operators already publish the checks a bank needs, and two of the three pilots run there. Spain follows, with operator supply already under contract.
When does a pilot become revenue?
Each pilot agreement sets a success measure and a review date. The first review is in the first quarter after the round closes. A framework contract follows a successful review.
How does the SAFE convert?
At the next priced round, at the lower of the cap and the round price less the discount. The term summary will set out the details.
What happens if a supplier changes its terms?
Requests can be routed to another supplier where more than one serves a market, and the buying cohort gives Plumma volume to negotiate with.