Roadmap

Full vision first. Then what can launch first.

Five stages, each with its goal, product, legal basis, partner, what we already have, what we still need, the key risks and indicative timing. Nothing beyond Stage 0 exists today.

Stage 0 · DemoStage 1 · LendingStage 2 · Rent shareStage 3 · Tenant to ownerStage 4 · Internet of Value

Stage 0 · Demo

Demo

Now — Oct/Nov 2026

Goal: Show the full vision and the staged path to the Innovation Hub; agree the right regulatory route.
Product: This demonstration: marketplace, simulated journeys, Raya Chain simulator, supervisor view.
Legal basis: None required — no financial service is provided. No real investments, payments or tokens.
Partner: Central Bank of Ireland Innovation Hub (guidance, not approval).

What we have

· Raya Software Limited (incorporated in Ireland, CRO)
· Innovation Hub engagement
· This MVP, offline-capable
· The Raya Chain concept and simulator

What we need

· Feedback on the Stage 1 route (own ECSP licence vs licensed partner)
· View on the Stage 2 instrument (notes vs shares; fund-rules risk)
· Irish regulatory counsel engaged

Key risks

· Misreading what each stage requires
· Over-promising Stages 3–4

Stage 1 · Lending

Lending

First loan 2027 H1, subject to partner and regulatory engagement

Goal: Fund the refurbishment of vacant homes with secured loans from €100.
Product: Loan offers: first legal charge, fixed interest over 12–24 months, monthly interest, borrower pays the arrangement fee. Raya Chain records lenders, repayments and the charge.
Legal basis: ECSPR (Regulation (EU) 2020/1503) — lending-based crowdfunding. €5m per project owner in 12 months; KIIS; knowledge test; €1,000/5% warning; 4-day reflection period.
Partner: A licensed ECSP such as Property Bridges first; Meithera's own ECSP authorisation later. A payment institution for client money.

What we have

· Loan maths and journeys (simulated)
· Supervisor view and audit chain
· Vacant-home pipeline concept

What we need

· ECSP partner agreement or own authorisation
· Payment institution / client-money arrangement
· The first vacant home and a borrower (project owner)
· A property manager and a security trustee
· Business-continuity plan

Key risks

· Borrower default and security shortfall
· Partner dependency and margin
· Refurbishment overruns delaying repayment

Stage 2 · Rent share

Rent share

After Stage 1 proves operations — 2027 H2 / 2028

Goal: Let people hold notes in the company that owns a refurbished home and share its rent, monthly.
Product: One company (SPV) per home; profit-participating notes; monthly distributions; investor vote on sale; ECSPR bulletin board for early exit; Raya Chain mirrors the register.
Legal basis: ECSPR — investment-based crowdfunding of transferable securities or admitted instruments. Open question: whether a per-home SPV could be an AIF; whether the note is a MiFID financial instrument.
Partner: ECSP (partner or own licence); corporate services provider for the SPVs; property manager; payment institution.

What we have

· Rent-share journeys and distributions (simulated)
· Cap tables and exit vote / bulletin board (simulated)
· Competitor study (Bricks, Stake, Arrived)

What we need

· SPV structure and the note instrument, with legal sign-off on fund-rules (AIFMD) risk
· Tax treatment of the SPV and distributions
· RTB and tenancy operations
· Secondary-transfer rules consistent with ECSPR

Key risks

· AIF classification
· Illiquidity expectations
· Operating-cost drift reducing distributions

Stage 3 · Tenant to owner

Tenant to owner

2028+, after Stage 2

Goal: Let a tenant buy into the home they live in, step by step, with rent falling as their share grows.
Product: Staircasing: tenant purchases notes/shares yearly; investors bought out at valuation with a return; every step on Raya Chain.
Legal basis: Requires further authorisation: consumer credit / mortgage-type permissions if any lending is involved; affordability checks; possible shared-equity framework.
Partner: A regulated lender or an approved housing body; valuers; legal.

What we have

· Staircasing simulator (illustrative)
· Valuation and buy-out maths

What we need

· Lending permissions or a lending partner
· Affordability assessment with human oversight
· A tenancy-to-ownership legal template
· Clarity on tax and stamp duty

Key risks

· Affordability and arrears
· Valuation disputes at each step
· Investor exit expectations vs tenant pace

Stage 4 · Internet of Value

Internet of Value

Dependent on EU legislation — not before 2028

Goal: Make Raya Chain the official register of notes; move holdings across chains; pay out in regulated euro stablecoin; settle in central bank money.
Product: Raya Chain as a Layer Zero: master record with anchors to other chains, compliance rules travelling with the asset, programmable payouts, wholesale CBDC settlement.
Legal basis: Depends on EU reform: the reformed DLT Pilot Regime (Commission proposal of 4 Dec 2025 extending it to all MiFID instruments), MiCA for any e-money token, and Eurosystem settlement initiatives.
Partner: A DLT Pilot Regime licensee or partner; a custodian; a regulated euro stablecoin issuer; a settlement bank or the Eurosystem.

What we have

· Raya Chain architecture and simulator
· Cross-chain anchor design

What we need

· DLT Pilot Regime licence or partner
· Custodian
· Regulated euro stablecoin
· Raya Chain cross-chain controls audited
· Legal recognition of the on-chain register

Key risks

· Regime timing and scope
· Technology and key-management risk
· Interoperability without losing the single master record

Regulatory demonstration Regulatory readiness Try a Stage 1 loan simulation

Timing is indicative and depends on partner agreements and regulatory engagement. The Innovation Hub provides guidance; it does not authorise or approve. Meithera is not authorised or regulated by the Central Bank of Ireland.