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

HEAF

Closed
CLOSEDPayments orchestration

Heath Hold

Window closed. 3,857 asked while it was live. You are reading history.

Counsel has a live path. The waitlist is 3,857. This pad still takes 0% of proceeds.

Heath Hold — 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

0

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

0

Redacted on the public page

Live nodes

0

Account abstraction · testnet

Counsel hours

0

Warsaw · closed private round

Sentences killed

0

Before listing

Claims live

0/9

Sprint

Our cut

0%

Of any proceeds

Plate Horizon · 8145

HEAF

The plate

Horizon. Edition 8145.

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

HEAF · Warsaw · Payments orchestration

Score

0

Desk diligence

Pilots

0

Named, redacted

Waitlist

0

Product demand

HQ

Warsaw

Licensed PSPs

Sells

Per-transaction

Per-transaction routing fee

Markets

0

Warsaw

Years

0

Founded 2021

Surfaces

0

Account abstraction · testnet

Complete

0

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

5 named pilots (redacted).

Founded 2021, headquartered in Warsaw. 5 named pilots on file (identities redacted in public). 3,857 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 81/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

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

Checkout.com is a processor. This is plumbing for processors. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The first sentence Hiro Hale would not let us publish was the exciting one. What remains is slower — and scarcer: Heath Hold Ltd selling Payments orchestration as software, from Warsaw, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

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 sentence went public and came down in under an hour. Hiro Hale treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

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 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

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.

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

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
49
Asks / week
482
Our cut
0% of proceeds

The decline pile is a compliment. It means the screen still means something.

Hiro Hale, Chief executive

This company

Heath Hold

Twelve Payments orchestration decks look the same. One of them has a Warsaw customer on the record.

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.

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. Heath Hold 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 · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

  1. 01Payer or merchant hits a single checkout API
  2. 02The router selects a licensed rail the PSP already runs
  3. 03Account-abstraction is an optional UX layer (currently testnet)
  4. 04Settlement lands in the PSP’s existing accounts — no new token
  5. 05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
  6. 06A named counterparty verifies; Heath Hold does not attest to its own facts.

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

    32%

    A counsel memo that can survive a later reader.

  • Control environment

    28%

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

  • Counsel & perimeter

    15%

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

  • Certifications & adapters

    25%

    The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

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

The wedge

Why this one, not the other one.

They sell
Per-transaction routing fee
Who pays
A transfer agent willing to consume a revoke in production.
Unit economics
They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file
A design-partner PSP that will not talk to a second vendor this year.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
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.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Founded 2021, headquartered in Warsaw. 5 named pilots on file (identities redacted in public). 3,857 on the waitlist, gated — product demand, not a book built. 16 nodes or connected surfaces reported. Desk diligence score 81/100. A transfer agent willing to consume a revoke in production. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for Account abstraction · testnet
  • 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
  • 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 maturity76
  • Demand59
  • Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Warsaw · 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 Heath Hold. Concentration in one scheme is existential.

Token relapse

A later round that wants a public token puts Heath Hold in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01What does renewal look like if no round ever happens?
  2. 02Which incumbent can copy this in a quarter, and what would they have to migrate?
  3. 03If RCA Pad disappeared tomorrow, could the customer still run the job?
  4. 04Which geography is actually locked, and which is a hope?
  5. 05Who can unpublish a public sentence in 24 hours, by name?
  6. 06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

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

Entity
Heath Hold Ltd
Path on file
Warsaw · closed private round
Posture
Window closed
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.

  • Warsawnamed
  • Global publicrestricted
  • United Statesrestricted

Team

Who runs it.

  • Hiro HaleChief executive
  • Rafa AdeyemiMarkets

Stack

  • Account abstraction · testnet
  • Payments orchestration
  • Approval trail
  • Takedown SLA

Named with them

  • Clearline

Who can decide

Hiro Hale came in named. The team is not a handle. Heath Hold Ltd exists, founded 2021, headquartered in Warsaw. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Heath Hold is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

StatementEvidenceStatus
Heath Hold does not sell a token to the public on this padPosture lockwithdrawn
The product is payments orchestration sold to institutionsArchitecture + customer typewithdrawn
Account abstraction · testnet is the method — not a listed assetDesk snapshotwithdrawn
Retail buyers are out of scopeNamed markets lockwithdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termswithdrawn
Pilot identities redacted in publicDesk filewithdrawn
No public token is sold on this padEngagement terms + posture lockwithdrawn
Customers contemplated: WarsawNamed markets on the filewithdrawn

On the record

  1. Final registerArchiveAug
  2. Close reportReportAug
  3. Tombstone copyArchiveAug

Operating log

  1. 19 Aug 10:00

    Close report. 0% of proceeds.

  2. 12 Aug 18:00

    Heath Hold archived. Live claims withdrawn.

  3. 11 Aug 09:30

    Final creator pass. Residual claims pulled.

Path to now

  1. Open

    File

    Before any public sentence.

  2. 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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