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

HAZF

Closed

CLOSEDPayments orchestration

Hazel Rail

Window closed. 2,167 asked while it was live. You are reading history.

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

Hazel Rail — 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

Nairobi · closed private round

Sentences killed

Before listing

Claims live

0/14

Growth

Our cut

Of any proceeds

Plate Vault · 7617

HAZF

The plate

Vault. Edition 7617.

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

HAZF · Nairobi · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Nairobi

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Nairobi

Years

Founded 2022

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

Hazel Rail is betting that Nairobi PSPs will buy routing as software rather than issue a coin.

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

4 named pilots (redacted).

Founded 2022, headquartered in Nairobi. 4 named pilots on file (identities redacted in public). 2,167 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 73/100. 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

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

A L2 payments coin is the thing this file has already refused. 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.

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

Read this as an operating company, not a round. Counsel has a posture: Nairobi · closed private round. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

On a Tuesday in Nairobi, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

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 the screen

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

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.

Attention is the scarce asset. 8 asks this week are already spending it.

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: 7
Counsel hours on file: 23
Asks / week: 271
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Nadia Cole, Chief executive

This company

Hazel Rail

The copycats will arrive after certification. That is why the window is now.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Hazel Rail is betting that Nairobi 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. Hazel Rail is priced as software against an invoice that already exists.

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

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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Named operators
36%
A counsel memo that can survive a later reader.
Counsel & perimeter
26%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
15%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
23%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: A coverholder or carrier running one binder on this record.
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: Scheme certifications already in motion with two processors.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A L2 payments coin is the thing this file has already refused.
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.

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

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.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Nairobi 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.

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 Rail. Concentration in one scheme is existential.

Single-customer gravity

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

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Who is the first named paying customer — not a letter of intent?
03Who can unpublish a public sentence in 24 hours, by name?
04Has counsel written the perimeter in a memo you can file?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06What happens if a founder later wants a public token?

Structure

How money would actually move.

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

Entity: Hazel Rail Ltd
Path on file: Nairobi · 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.

Nairobinamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Nadia ColeChief executive
Eva VogelHead of product

Stack

Account abstraction · testnet
Payments orchestration
Audit log
Disclosure templates

Named with them

Helix Audit
Clearline

Who can decide

Nadia Cole (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
Hazel Rail 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
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: Nairobi	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
Hazel Rail 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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