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

FLIT

Closed

CLOSEDShare-class ops

Flint Mark

Window closed. 2,178 asked while it was live. You are reading history.

The protocol pitch was declined. What remains is software against an invoice. 2,178 people still asked.

Flint Mark — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Share-class ledger

Counsel hours

Edinburgh · closed private round

Sentences killed

Before listing

Claims live

0/15

Build

Our cut

Of any proceeds

Plate Horizon · 1673

FLIT

The plate

Horizon. Edition 1673.

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

FLIT · Edinburgh · Share-class ops

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Edinburgh

Fund administrators

Sells

Share-class

Share-class seat

Markets

Edinburgh

Years

Founded 2026

Surfaces

Share-class ledger

Complete

File readiness

The wedge

Share-class seat

Flint Mark sells a 15-day lag down to a day, without turning the unit into a coin.

Why the desk took it

A real job, not a ticker.

Unit-as-token was refused in notes. We will not reverse that.

Traction

5 named pilots (redacted).

Founded 2026, headquartered in Edinburgh. 5 named pilots on file (identities redacted in public). 2,178 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 86/100. A qualified custodian reconciling against this book. Architecture says keys / title / NAV liability sit with a named licensed party — not Flint Mark.

Next 12 months

Daily NAV in one live fund.

Citi TA will not be replaced. It might consume this. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Share-class ops decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Flint Mark. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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 counsel

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

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

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: 7
Counsel hours on file: 66
Asks / week: 272
Our cut: 0% of proceeds

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

This company

Flint Mark

Open-source looks free until the auditor asks who attests. Flint Mark has an answer.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Flint Mark sells a 15-day lag down to a day, without turning the unit into a coin.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

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

Edinburgh 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

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

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
39%
A counsel memo that can survive a later reader.
Counsel & perimeter
21%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
14%
Adapter work against the incumbent register, admin, or custodian.
Second market
26%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Share-class seat
Who pays: A qualified custodian reconciling against this book.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: A live NAV event in a real fund, not a demo clock.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Citi TA will not be replaced. It might consume this.
Why we listed it: Unit-as-token was refused in notes. We will not reverse that.

Next twelve months

What has to be true.

Daily NAV in one live fund.

Architecture says keys / title / NAV liability sit with a named licensed party — not Flint Mark.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Share-class ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Edinburgh is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

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

Product95
Customers96
Legal path84
Tech maturity58
Demand51
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.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Flint Mark is a copy of a spreadsheet. Copies do not survive the audit.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What happens if a founder later wants a public token?
04What does renewal look like if no round ever happens?
05Who is the first named paying customer — not a letter of intent?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Flint Mark Ltd
Path on file: Edinburgh · closed private round
Posture: No public sale
Pack: Build

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.

Edinburghnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim NovakChief executive
Tomás NovakMarkets

Stack

Share-class ledger
Share-class ops
Approval trail

Named with them

Meridian Tax

Who can decide

Ibrahim Novak came in named. The team is not a handle. Flint Mark Ltd exists, founded 2026, headquartered in Edinburgh. Anonymity would have been an automatic decline.

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
Flint Mark does not sell a token to the public on this pad	Posture lock	withdrawn
The product is share-class ops sold to institutions	Architecture + customer type	withdrawn
Share-class ledger is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Production date for the chain layer is not committed	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Edinburgh	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Flint Mark archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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.