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

GRAP

In market

HOT WINDOWPayroll rails

Grain Holt

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Counsel has a live path. The waitlist is 9,343. This pad still takes 0% of proceeds.

Grain Holt — 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. 9,343 on the product waitlist — that is demand, not an allocation.

Most Payroll rails applications this quarter were declined. You are looking at one that was not.

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

Johannesburg · counsel-named

Sentences killed

Before listing

Claims live

9/10

Build

Our cut

Of any proceeds

Plate Horizon · 5264

GRAP

The plate

Horizon. Edition 5264.

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

GRAP · Johannesburg · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Johannesburg

Licensed PSPs

Sells

Annual

Annual PSP seat

Markets

Johannesburg

Years

Founded 2021

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Annual PSP seat

Grain Holt is betting that Johannesburg PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

They walked in with a licensed PSP letter, not a token deck.

Traction

5 named pilots (redacted).

Founded 2021, headquartered in Johannesburg. 5 named pilots on file (identities redacted in public). 9,343 on the waitlist, gated — product demand, not a book built. 8 nodes or connected surfaces reported. Desk diligence score 85/100. A coverholder or carrier running one binder on this record. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel memo on the AA perimeter, or the UX layer stays dark.

A L2 payments coin is the thing this file has already refused. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

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 Grain Holt. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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

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

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 5
Counsel hours on file: 28
Asks / week: 1,168
Our cut: 0% of proceeds

We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
Nadia Reilly, Chief executive

This company

Grain Holt

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.

Grain Holt is betting that Johannesburg PSPs will buy routing as software rather than issue a coin.

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. Grain Holt is priced as software against an invoice that already exists.

Johannesburg 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
06Kill of a public sentence is an hour, not a committee.

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
39%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
20%
A counsel memo that can survive a later reader.
Counsel & perimeter
18%
Adapter work against the incumbent register, admin, or custodian.
Named operators
23%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Annual PSP seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Scheme certifications already in motion with two processors.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A L2 payments coin is the thing this file has already refused.
Why we listed it: They walked in with a licensed PSP letter, not a token deck.

Next twelve months

What has to be true.

Counsel memo on the AA perimeter, or the UX layer stays dark.

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

They have not asked us to run a sale. That ask would close the file.

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
Johannesburg 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.”

Product62
Customers96
Legal path84
Tech maturity70
Demand87
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of 9,343.

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 Grain Holt. Concentration in one scheme is existential.

Single-customer gravity

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

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Has counsel written the perimeter in a memo you can file?
03Who is the first named paying customer — not a letter of intent?
04What does renewal look like if no round ever happens?
05What happens if a founder later wants a public token?
06Is the waitlist demand for a product, or a queue for a coin?

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: Grain Holt Ltd
Path on file: Johannesburg · counsel-named
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.

Johannesburgnamed
United Kingdomnamed
EU retailrestricted

Team

Who runs it.

Nadia ReillyChief executive

Stack

Payroll adapters
Payroll rails
Takedown SLA
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Nadia Reilly came in named. The team is not a handle. Grain Holt Ltd exists, founded 2021, headquartered in Johannesburg. 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
Grain Holt 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Johannesburg, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:38
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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