The wedge
Bps on facilities on the tape
They sell a faster close to administrators, not access to a crowd.
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
HEAA
In diligence
IN MOTIONPrivate credit tapeHeath Quay
Counsel is live. The waitlist is a short list. The public sale is not.
Renewal — not the round — is the twelve-month test. The people in this queue already know that.
Heath Quay — A system of record for private-credit funds and desks: tapes, RFQs, or covenants that update when a borrower files. The buyers already have a book. This is plumbing, not a venue that matches strangers.
In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.
Window a fewd. Waitlist a short list. 36 asks this week. This is not a quiet listing.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Sprint day
0/14
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Credit book
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
2/6
Sprint
Our cut
0%
Of any proceeds
Plate Signal · 1818
HEAA
The plate
Signal. Edition 1818.
A unique plate for Heath Quay. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
HEAA · Oslo · Private credit tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 12 of 14
HQ
Oslo
Private-credit funds
Sells
Bps
Bps on facilities on the tape
Markets
0
Norway
Years
0
Founded 2021
Surfaces
0
Credit book
Complete
0
File readiness
Why the desk took it
A real job, not a ticker.
Retail was never in the deck. Rare.
Traction
2 named pilots (redacted).
Founded 2021, headquartered in Oslo. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 12 of 14. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One administrator consuming marks daily.
eFront and Allvue are funds’ books. This is the tape between funds. 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.
The first sentence Sasha Voss would not let us publish was the exciting one. What remains is slower — and scarcer: Heath Quay AS selling Private credit tape as software, from Oslo, 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.
On a Tuesday in Oslo, 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 pilot
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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.
Budget exists on a line the board can see. That is why the window is this quarter.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 18
- Counsel hours on file
- 51
- Asks / week
- 36
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Heath Quay
A L2 wrapper is cheaper. It is also a different perimeter — and declined here.
In the same conversation
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
The bet
Why this company exists.
They sell a faster close to administrators, not access to a crowd.
They sell a faster close to administrators, not access to a crowd.
Allocators want daily marks and covenant visibility. Banks want to originate without building a chain team. The first honest tape that does not pretend to be an exchange will be paid for as software.
Private credit AUM is measured in trillions. The software take-rate is small. The switching cost, once a tape is the record, is not.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Named: Norway, EEA professional. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Oslo. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A loan or covenant event is written once
- 02Permissioned counterparties see what they are allowed to see
- 03Marks and RFQs stay inside named desks
- 04No public order book, no retail
- 05Default and amendment events are first-class, not a PDF in a side channel
- 06Retail and unnamed geographies are structurally off the form, not only in the footer.
In the same conversation as
- eFront
- Allvue
- Closed RFQ wires
- Not an on-chain lending pool
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.
Second market
27%
The remaining certifications and the second named market.
Counsel & perimeter
18%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
The wedge
Why this one, not the other one.
- They sell
- Bps on facilities on the tape
- Who pays
- Two licensed PSPs on a paid pilot — identities off the public file.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Four origination desks already post into a closed tape.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- Vs the comps
- eFront and Allvue are funds’ books. This is the tape between funds.
- Why we listed it
- Retail was never in the deck. Rare.
Next twelve months
What has to be true.
One administrator consuming marks daily.
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.
Founded 2021, headquartered in Oslo. 2 named pilots on file (identities redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 80/100. Sprint day 12 of 14. Two licensed PSPs on a paid pilot — identities off the public file. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Operating notes for Credit book
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Oslo 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.”
- Product79
- Customers62
- Legal path62
- Tech maturity63
- Demand66
- Market access68
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Oslo story becomes a fact pattern. The restricted list exists for a reason: EU retail.
Marketplace slip
The moment this looks like a public book, it is a venue. This pad will not list that.
Data rights
Who owns the tape when a fund leaves? If that is unsigned, the enterprise value is a conversation.
Credit cycle
A default cluster will test whether the product is a record or a reputation.
Retail
Retail is prohibited. Any ‘access token’ story is a different company.
Data rights on exit
If a fund leaves and the tape stays, who owns the history? Unsigned, the enterprise value is a conversation.
Path silence
If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.
Ask these next
- 01Who is the first named paying customer — not a letter of intent?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Has counsel written the perimeter in a memo you can file?
- 04Which geography is actually locked, and which is a hope?
- 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.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.
- Entity
- Heath Quay AS
- Path on file
- Not offering — locked
- Posture
- Private only
- 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.
- Norwaynamed
- EEA professionalnamed
- EU retailrestricted
Team
Who runs it.
- Sasha VossChief executive
- Owen RibeiroHead of product
Stack
- Credit book
- Private credit tape
- Approval trail
- Disclosure templates
Named with them
- Helix Audit
- Clearline
- Meridian Tax
Who can decide
Sasha Voss came in named. The team is not a handle. Heath Quay AS exists, founded 2021, headquartered in Oslo. 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 |
|---|---|---|
| Heath Quay does not sell a token to the public on this pad | Posture lock | live |
| The product is private credit tape sold to institutions | Architecture + customer type | live |
| Credit book 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: Norway, EEA professional | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 10:42
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.
Path to now
D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.
Not a subscription
This is not a sale page.
Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.