The wedge
Per-onboarding event
Fennel House sells a cost cut in onboarding, not an identity coin.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
FENY
In diligence
IN MOTIONTransfer agencyFennel House
Pilots named (redacted). Waitlist not. a short list names. Your move.
Pilots are named and redacted. The waitlist is not. a short list people already asked.
Fennel House — An attestation graph: a fund or investor proves one fact (accredited, name, share-class) to a transfer agent or administrator without handing over the whole file. Selective disclosure is the product.
In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.
Window a fewd. Waitlist a short list. 38 asks this week. This is not a quiet listing.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Sprint day
0/14
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
TA adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
4/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 7124
FENY
The plate
Horizon. Edition 7124.
A unique plate for Fennel House. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
FENY · Lisbon · Transfer agency
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 12 of 14
HQ
Lisbon
Fund administrators
Sells
Per-onboarding
Per-onboarding event
Markets
0
Lisbon
Years
0
Founded 2026
Surfaces
0
TA adapters
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
No utility token in the revenue model. We checked.
Traction
2 named pilots (redacted).
Founded 2026, headquartered in Lisbon. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 12 of 14. A national registry counterpart, not a scrape. Architecture says keys / title / NAV liability sit with a named licensed party — not Fennel House.
Next 12 months
One TA consuming revoke in production.
Jumio does not speak share-class. Seat plus event. If they ever attach a token as the unit of account, the file stops.
The brief
How a serious reader should hold this.
Lisbon is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Fennel House chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
The bet is narrow. A named Lisbon buyer already has budget for this invoice. Fennel House 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.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From counsel
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the founder
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 the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
The next Transfer agency company on this board will not have this waitlist, this HQ, or this counsel posture.
The incumbent copy takes a year. The named customer is already writing into this record.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 4
- Counsel hours on file
- 50
- Asks / week
- 38
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Fennel House
Services firms hide in ‘platform’ language. Fennel House sells a seat plus an event. Named.
In the same conversation
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
The bet
Why this company exists.
Fennel House sells a cost cut in onboarding, not an identity coin.
Fennel House sells a cost cut in onboarding, not an identity coin.
Transfer agents and AIFMs are being asked for faster onboarding without becoming identity companies. Attestations they can revoke are the compromise.
Fund onboarding cost is a known line item. A 20–40% cut in cycle time is a budget, not a vision deck.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Lisbon 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
- 01A fact is attested by a party the recipient already trusts
- 02The holder discloses only the field requested
- 03The rest of the file stays dark
- 04Revocation is a first-class event
- 05The recipient never sees the rest of the file — selective disclosure is enforced, not promised
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- Onfido / Jumio for people
- Fund-admin KYC teams
- W3C attestations
- Not a ‘passport token’
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
37%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
23%
The remaining certifications and the second named market.
Control environment
15%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
25%
Dual-control drills, key ceremonies, and the person who owns them.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- Per-onboarding event
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Seat plus event. If they ever attach a token as the unit of account, the file stops.
- Moat on file
- Revoke has been tested against a live register.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- Jumio does not speak share-class.
- Why we listed it
- No utility token in the revenue model. We checked.
Next twelve months
What has to be true.
One TA consuming revoke in production.
Architecture says keys / title / NAV liability sit with a named licensed party — not Fennel House.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2026, headquartered in Lisbon. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 12 of 14. A national registry counterpart, not a scrape. Architecture says keys / title / NAV liability sit with a named licensed party — not Fennel House.
- Operating notes for TA adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Lisbon 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.”
- Product34
- Customers62
- Legal path62
- Tech maturity45
- Demand66
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Fennel House asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.
Who attests
If the attester is the company itself, this is a database with extra steps.
Portability theatre
A graph nobody else reads is a PDF with a hash.
US
US retail identity products are a different statute. Many of these files keep the US off.
Utility token
Paying for attestations in a native token is usually a securities problem in costume.
Self-attestation
If Fennel House is the attester, this is a database with extra steps. The graph only matters if someone else signs.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Fennel House has to be cheaper or faster before that happens.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04What happens if a founder later wants a public token?
- 05Which geography is actually locked, and which is a hope?
- 06Who can unpublish a public sentence in 24 hours, by name?
Structure
How money would actually move.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.
- Entity
- Fennel House Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- Pack
- Sprint
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.
- Lisbonnamed
- United States retailrestricted
Team
Who runs it.
- Hiro BergChief executive
- Luca IbrahimHead of product
Stack
- TA adapters
- Transfer agency
- Audit log
- Approval trail
Named with them
- Helix Audit
Who can decide
Hiro Berg (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Fennel House does not sell a token to the public on this pad | Posture lock | live |
| The product is transfer agency sold to institutions | Architecture + customer type | live |
| TA 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Lisbon | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 13:19
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.
Path to now
D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.
Not a subscription
This is not a sale page.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.