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

IONA

Screened

SCREENEDCredit covenants

Iona Credit

Skip it and you read a PDF. Counterparties who matter will have already called.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Iona Credit — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

A year from now this will be an obvious company or a missed one. The window decides which.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Still a question

Live nodes

EVM · proof of concept

Counsel hours

Not offering — default

Sentences killed

Before listing

Claims live

0/5

Sprint

Our cut

Of any proceeds

Plate Horizon · 2865

IONA

The plate

Horizon. Edition 2865.

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

IONA · Edinburgh · Credit covenants

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Edinburgh

Private-credit funds

Sells

Administrator

Administrator co-source

Markets

United Kingdom

Years

Founded 2026

Surfaces

EVM · proof of concept

Complete

File readiness

The wedge

Administrator co-source

The wedge is the shared drive: marks, covenants and RFQs still live in email.

Why the desk took it

Early — still a question.

Retail was never in the deck. Rare.

Traction

One named pilot (redacted).

Founded 2026, headquartered in Edinburgh. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 58/100. A warehouse or port that has written a live event. Architecture says keys / title / NAV liability sit with a named licensed party — not Iona Credit.

Next 12 months

Securities memo on the tape itself — is the record a security? Write it down.

Closed RFQ wires do this slowly. Iona Credit does it as a record. 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.

Most Credit covenants decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

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

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

From counsel

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

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

From the founder

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

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

Switching cost is the auditor conversation. Once it happens, you are late.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 9
Counsel hours on file: 4
Asks / week: 11
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.
Fraser McLeod, Founder

This company

Iona Credit

Twelve Credit covenants decks look the same. One of them has a Edinburgh customer on the record.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

The wedge is the shared drive: marks, covenants and RFQs still live in email.

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

The incumbent brand sells the relationship. Iona Credit 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 Not offering — default. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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
40%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
27%
Keeping the public story from running ahead of the claims register.
Certifications & adapters
21%
The remaining certifications and the second named market.
Second market
12%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Administrator co-source
Who pays: A warehouse or port that has written a live event.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Administrator of record has signed a dual-control letter.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Closed RFQ wires do this slowly. Iona Credit does it as a record.
Why we listed it: Retail was never in the deck. Rare.

Next twelve months

What has to be true.

Securities memo on the tape itself — is the record a security? Write it down.

Architecture says keys / title / NAV liability sit with a named licensed party — not Iona Credit.

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

Traction

What you can verify today.

PoC repo (private)
No pilot customer

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product15
Customers40
Legal path24
Tech maturity34
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Iona Credit asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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.

Single-customer gravity

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

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Who can unpublish a public sentence in 24 hours, by name?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What does renewal look like if no round ever happens?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.

Entity: Iona Credit Ltd · incorporating
Path on file: Not offering — default
Posture: No public sale
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.

United Kingdomnamed
All offering languagerestricted

Team

Who runs it.

Fraser McLeodFounder

Stack

Solidity PoC
Document oracles (demo)

Who can decide

The technical founder is on the record as engineering. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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
Covenants update on filing	Demo only	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United Kingdom	Named markets on the file	draft
EVM · proof of concept is infrastructure — not a listed asset	Architecture paper	draft
RCA Pad does not take a cut of any raise	Fixed-fee engagement	live

On the record

Application APP-4610Screen10 Sep

Operating log

10 Sep 19:04
Received. Score 58. Review band. Counsel unidentified.

Path to now

Now
Review
Too early for a Sprint until counsel is named.
Oct
Decision
Name counsel, or the file closes.

Not a subscription

This is not a sale page.

Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. 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

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.