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

HAZZ

In market

IN MARKETPayroll rails

Hazel North

Heat 61. 81 asks this week. 0% of any raise comes here.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Hazel North — 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. 2,567 on the product waitlist — that is demand, not an allocation.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Warsaw · counsel-named

Sentences killed

Before listing

Claims live

4/8

Growth

Our cut

Of any proceeds

Plate Meridian · 7904

HAZZ

The plate

Meridian. Edition 7904.

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

HAZZ · Warsaw · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Warsaw

Licensed PSPs

Sells

Per-transaction

Per-transaction routing fee

Markets

Warsaw

Years

Founded 2023

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Per-transaction routing fee

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

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

2 named pilots (redacted).

Founded 2023, headquartered in Warsaw. 2 named pilots on file (identities redacted in public). 2,567 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 85/100. A qualified custodian reconciling against this book. 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.

Modulr and Lemonway sell the account. Hazel North sells the router in front of accounts they already have. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Hazel North would not let a public sale sit on this page. That is why a company in Payroll rails is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Hazel North is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Hazel North did not argue. Adult companies do not costume a US offering.

From ops

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

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

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

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: 12
Counsel hours on file: 28
Asks / week: 321
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Yara Park, Chief executive

This company

Hazel North

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

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

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. Hazel North 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.

The live path is Warsaw · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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.

Counsel & perimeter
30%
Keeping the public story from running ahead of the claims register.
Named operators
25%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
16%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
29%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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 qualified custodian reconciling against this book.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
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: Modulr and Lemonway sell the account. Hazel North sells the router in front of accounts they already have.
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.

Capital would fund the adapter work and a named counsel memo, not a public sale.

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
Warsaw 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.”

Product73
Customers78
Legal path84
Tech maturity94
Demand53
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. Warsaw · counsel-named 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 Hazel North. Concentration in one scheme is existential.

Facts vs theatre

A proof of a fake book is still a fake book. Hazel North has to attach to the real one, in Warsaw.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Is the waitlist demand for a product, or a queue for a coin?
03Which geography is actually locked, and which is a hope?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Who can unpublish a public sentence in 24 hours, by name?
06What does renewal look like if no round ever happens?

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: Hazel North Ltd
Path on file: Warsaw · counsel-named
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.

Warsawnamed
United Kingdomnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Yara ParkChief executive
Hiro EllisonHead of product

Stack

Payroll adapters
Payroll rails
Takedown SLA
Audit log

Named with them

Helix Audit
Clearline
Meridian Tax

Who can decide

Yara Park came in named. The team is not a handle. Hazel North Ltd exists, founded 2023, headquartered in Warsaw. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Hazel North 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Warsaw, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:45
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

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