VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

CEDP

In market

HOT WINDOWPayroll rails

Cedar Mere

Counsel is live. The waitlist is 9,771. The public sale is not.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Cedar Mere — A routing layer in front of payment firms that already hold licences. One API picks the rail (SEPA, cards, local schemes) and can present a wallet-like checkout. The wallet is the interface. It is not a coin.

Live campaign. 9,771 on the product waitlist — that is demand, not an allocation.

A year from now this will be an obvious company or a missed one. The window decides which.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Payroll adapters

Counsel hours

Brussels · counsel-named

Sentences killed

Before listing

Claims live

5/9

Growth

Our cut

Of any proceeds

Plate Horizon · 5036

CEDP

The plate

Horizon. Edition 5036.

A unique plate for Cedar Mere. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

CEDP · Brussels · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Brussels

Licensed PSPs

Sells

Per-transaction

Per-transaction routing fee

Markets

Brussels

Years

Founded 2023

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Per-transaction routing fee

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

Why the desk took it

A real job, not a ticker.

US was taken off the file in the first hour. That is adult.

Traction

5 named pilots (redacted).

Founded 2023, headquartered in Brussels. 5 named pilots on file (identities redacted in public). 9,771 on the waitlist, gated — product demand, not a book built. 12 nodes or connected surfaces reported. Desk diligence score 92/100. A named Brussels administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Two paying PSPs or the file should not go to Build.

Modulr and Lemonway sell the account. Cedar Mere sells the router in front of accounts they already have. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Cedar Mere would not let a public sale sit on this page. That is why a company in Payroll rails is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Brussels buyer already has budget for this invoice. Cedar Mere wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A sentence went public and came down in under an hour. Sasha Okafor treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From the pilot

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From counsel

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

If the window closes you still have the pack — as history. Not as a live conversation.

The comment period is not a path. This company is priced as if that is already true.

The scarce thing is not the company. It is the next a few days of a live conversation.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 79
Asks / week: 1,221
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Sasha Okafor, Chief executive

This company

Cedar Mere

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

MiCA is forcing PSPs to choose a perimeter. Houses that will not become CASPs still need programmable checkout. The ones that pick software over a coin will buy this. The ones that want a token will be declined here.

PSP orchestration in Europe is a multi-billion software market. Buyers already pay for routing. A token would not make the invoice larger; it would make the licence harder.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Cedar Mere is priced as software against an invoice that already exists.

Brussels being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

How it works

01Payer or merchant hits a single checkout API
02The router selects a licensed rail the PSP already runs
03Account-abstraction is an optional UX layer (currently testnet)
04Settlement lands in the PSP’s existing accounts — no new token
05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
06Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
32%
A counsel memo that can survive a later reader.
Counsel & perimeter
26%
Keeping the public story from running ahead of the claims register.
Second market
16%
The remaining certifications and the second named market.
Certifications & adapters
26%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Per-transaction routing fee
Who pays: A named Brussels administrator who already signs the pack (redacted).
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Modulr and Lemonway sell the account. Cedar Mere sells the router in front of accounts they already have.
Why we listed it: US was taken off the file in the first hour. That is adult.

Next twelve months

What has to be true.

Two paying PSPs or the file should not go to Build.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

If they raise, it is to hire the remaining certifications and the second market — not to float a coin.

Traction

What you can verify today.

Operating notes for Payroll adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Brussels is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product67
Customers96
Legal path84
Tech maturity82
Demand89
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

Token temptation

If the wallet layer is ever described as a means of payment, the product becomes an e-money or CASP problem. This file treats that as a hard stop.

Perimeter

A supervisor can still read account-abstraction as issuing. Until counsel names the path, treat the AA layer as a lab.

Customer concentration

A handful of PSP design partners can stall the company if they slip. Ask who is paying, not who is ‘interested’.

United States

The US is out of scope on this file. That is deliberate. It also caps the TAM.

Scheme freeze

A card scheme can kill the router without talking to Cedar Mere. Concentration in one scheme is existential.

Single-customer gravity

If the first named buyer is also the only buyer, Cedar Mere is a services shop with a ledger. Ask for the second.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02What happens if a founder later wants a public token?
03Which incumbent can copy this in a quarter, and what would they have to migrate?
04What does renewal look like if no round ever happens?
05Which geography is actually locked, and which is a hope?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Cedar Mere Ltd
Path on file: Brussels · counsel-named
Posture: No public sale
Pack: Growth

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Brusselsnamed
Public residual claimsrestricted

Team

Who runs it.

Sasha OkaforChief executive
Claire AdeyemiChief compliance

Stack

Payroll adapters
Payroll rails
Approval trail
Audit log

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

If the first customer renews, the adapter work pays for itself. If they do not, Cedar Mere is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Cedar Mere does not sell a token to the public on this pad	Posture lock	live
The product is payroll rails sold to institutions	Architecture + customer type	live
Payroll adapters is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Brussels	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:28
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

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