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

FLI3

Closed

CLOSEDPayments orchestration

Flint Stack

Window closed. 4,565 asked while it was live. You are reading history.

Inbound this week: 5. That is demand for a job someone already pays for — not a book.

Flint Stack — 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.

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

Account abstraction · testnet

Counsel hours

United States professional · closed private round

Sentences killed

Before listing

Claims live

0/10

Growth

Our cut

Of any proceeds

Plate Orbit · 7687

FLI3

The plate

Orbit. Edition 7687.

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

FLI3 · Boston · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Boston

Licensed PSPs

Sells

Per-transaction

Per-transaction routing fee

Markets

United States professional

Years

Founded 2021

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Per-transaction routing fee

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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

3 named pilots (redacted).

Founded 2021, headquartered in Boston. 3 named pilots on file (identities redacted in public). 4,565 on the waitlist, gated — product demand, not a book built. 19 nodes or connected surfaces reported. Desk diligence score 75/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

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

Checkout.com is a processor. This is plumbing for processors. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Most Payments orchestration 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 Stack exists because the incumbent brand will not staff the unglamorous middle of Payments orchestration. 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 ops

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 pilot

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

From the founder

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

The window

Miss this and you read the archive.

The decline pile in Payments orchestration is full of companies that looked the same on slide one. This one is listed.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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: 14
Counsel hours on file: 30
Asks / week: 571
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Nia Sato, Chief executive

This company

Flint Stack

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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

The incumbent brand sells the relationship. Flint Stack 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.

Boston 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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

Control environment
36%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
26%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
14%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
24%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per-transaction routing fee
Who pays: A warehouse or port that has written a live event.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Scheme certifications already in motion with two processors.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Checkout.com is a processor. This is plumbing for processors.
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.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Boston 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 maturity85
Demand63
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. United States professional · closed private round has to be a memo you can file, not a slogan on the hero.

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 Flint Stack. Concentration in one scheme is existential.

Single-customer gravity

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

Ask these next

01Which geography is actually locked, and which is a hope?
02Has counsel written the perimeter in a memo you can file?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Who can unpublish a public sentence in 24 hours, by name?
05Who is the first named paying customer — not a letter of intent?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

Structure

How money would actually move.

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

Entity: Flint Stack Inc. · Delaware
Path on file: United States professional · closed private round
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.

United States professionalnamed
United Kingdomnamed
Global publicrestricted

Team

Who runs it.

Nia SatoChief executive

Stack

Account abstraction · testnet
Payments orchestration
Takedown SLA
Approval trail

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Nia Sato (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
Flint Stack does not sell a token to the public on this pad	Posture lock	withdrawn
The product is payments orchestration sold to institutions	Architecture + customer type	withdrawn
Account abstraction · testnet 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
Pilot identities redacted in public	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: United States professional, United Kingdom	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 Stack 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

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