RCA Pad
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

FLIM

In diligence
IN MOTIONDvP rails

Flint Mere

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

Heat 42. Window a fewd. If you are going to read one DvP rails company, this is the one.

Flint Mere — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 7). This is when the story, the customers and the legal path get written down — or the file stops.

If you needed a reason to open diligence tonight: a short list other people already did.

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

Permissioned DvP

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

4/6

Sprint

Our cut

0%

Of any proceeds

Plate Orbit · 3532

FLIM

The plate

Orbit. Edition 3532.

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

FLIM · Vienna · DvP rails

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 7 of 14

HQ

Vienna

Banks

Sells

Per

Per settled obligation

Markets

0

Vienna

Years

0

Founded 2025

Surfaces

0

Permissioned DvP

Complete

0

File readiness

The wedge

Per settled obligation

They will connect a rail before they will issue a coin. That is the company.

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Vienna. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 7 of 14. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still no coin as the settlement asset.

A public L1 is a different threat model and a different statute. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

Most DvP rails 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.

Flint Mere exists because the incumbent brand will not staff the unglamorous middle of DvP rails. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

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 the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Flint Mere does not attest to its own facts.

From the screen

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 founder

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.

Attention is the scarce asset. 23 asks this week are already spending it.

Budget exists on a line the board can see. That is why the window is this quarter.

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
15
Counsel hours on file
69
Asks / week
23
Our cut
0% of proceeds

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

Claire Krüger, Chief executive

This company

Flint Mere

Services firms hide in ‘platform’ language. Flint Mere sells a seat plus an event. Named.

In the same conversation

  • CLS
  • Fnality
  • RTGS upgrades
  • Not a public L1

The bet

Why this company exists.

They will connect a rail before they will issue a coin. That is the company.

They will connect a rail before they will issue a coin. That is the company.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

The incumbent brand sells the relationship. Flint Mere sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Named: Vienna. Off-limits: EU retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Vienna. Blocking an IP and taking a US Telegram admin is not a block.

How it works

  1. 01Two permissioned parties lock an agreed obligation
  2. 02Asset and cash move together, or not at all
  3. 03Existing accounts are the source of funds
  4. 04No public chain sale of the rail’s token
  5. 05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

  • CLS
  • Fnality
  • RTGS upgrades
  • Not a public L1

If they raise

Where the money would actually go.

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

  • Control environment

    35%

    A counsel memo that can survive a later reader.

  • Second market

    22%

    Hiring the operator who already does this job at a licensed firm.

  • Named operators

    20%

    Dual-control drills, key ceremonies, and the person who owns them.

  • Certifications & adapters

    23%

    Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

  1. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  2. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  3. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  4. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell
Per settled obligation
Who pays
A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics
They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file
Legal opinion on finality in the governing law.
Switching cost
Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps
A public L1 is a different threat model and a different statute.
Why we listed it
Finality law was in the application.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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.

Founded 2025, headquartered in Vienna. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 7 of 14. A treasurer at a bank that already settles — not a crypto-native desk. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

  • Operating notes for Permissioned DvP
  • No token contract listed as a public sale
  • Pilot letters on file, identities redacted
  • Vienna 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.”

  • Product70
  • Customers40
  • Legal path62
  • Tech maturity60
  • Demand46
  • Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Vienna story becomes a fact pattern. The restricted list exists for a reason: EU retail, United States.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Flint Mere is in the e-money / deposit perimeter. That is a different company.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Flint Mere has to be cheaper or faster before that happens.

Ask these next

  1. 01Has counsel written the perimeter in a memo you can file?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04What happens if a founder later wants a public token?
  5. 05What does renewal look like if no round ever happens?
  6. 06Who is the first named paying customer — not a letter of intent?

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
Flint Mere 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.

  • Viennanamed
  • EU retailrestricted
  • United Statesrestricted

Team

Who runs it.

  • Claire KrügerChief executive

Stack

  • Permissioned DvP
  • DvP rails
  • Approval trail
  • Audit log

Who can decide

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

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.

StatementEvidenceStatus
Flint Mere does not sell a token to the public on this padPosture locklive
The product is dvp rails sold to institutionsArchitecture + customer typelive
Permissioned DvP is the method — not a listed assetDesk snapshotlive
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicDesk filedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: ViennaNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 12:35

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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.

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.