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

IROR

Closed

CLOSEDPayments orchestration

Iron Span

Window closed. 4,474 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.

Iron Span — 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

Melbourne · closed private round

Sentences killed

Before listing

Claims live

0/14

Growth

Our cut

Of any proceeds

Plate Signal · 4323

IROR

The plate

Signal. Edition 4323.

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

IROR · Melbourne · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Melbourne

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Melbourne

Years

Founded 2026

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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 2026, headquartered in Melbourne. 5 named pilots on file (identities redacted in public). 4,474 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 87/100. A national registry counterpart, not a scrape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Live routing in one named scheme. Everything else is a slide.

A L2 payments coin is the thing this file has already refused. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Most Payments orchestration 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.

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

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

From ops

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

From the screen

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

From the pilot

The legal source of truth stays with the incumbent register, admin, or custodian. Iron Span does not attest to its own facts.

The window

Miss this and you read the archive.

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

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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: 13
Counsel hours on file: 70
Asks / week: 559
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Elena Adeyemi, Chief executive

This company

Iron Span

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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. Iron Span 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.

Melbourne being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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.

Second market
39%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
28%
A counsel memo that can survive a later reader.
Control environment
22%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
11%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
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.
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 national registry counterpart, not a scrape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
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.

Live routing in one named scheme. Everything else is a slide.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Melbourne 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 maturity82
Demand62
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. Melbourne · 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 Iron Span. Concentration in one scheme is existential.

Token relapse

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

Ask these next

01What happens if a founder later wants a public token?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Has counsel written the perimeter in a memo you can file?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Which geography is actually locked, and which is a hope?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

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

Entity: Iron Span Ltd
Path on file: Melbourne · closed private round
Posture: Window closed
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.

Melbournenamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Elena AdeyemiChief executive
Eva MoreauFinance

Stack

Account abstraction · testnet
Payments orchestration
Disclosure templates
Approval trail

Named with them

Northbridge Counsel
Helix Audit

Who can decide

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

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
Iron Span 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	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Melbourne	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
Iron Span 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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