The wedge
Desk seat
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
MAPK
In diligence
IN MOTIONPrivate credit tapeMaple Well
Anja Holm will not run a sale here. That is why serious people are in the queue.
The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.
Maple Well — 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 3). This is when the story, the customers and the legal path get written down — or the file stops.
10 live counterparties in the thread. The public page is the overflow.
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
4/9
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 6564
MAPK
The plate
Meridian. Edition 6564.
A unique plate for Maple Well. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
MAPK · Dubai · Private credit tape
Score
0
Desk diligence
Pilots
0
Named, redacted
Sprint
0
Day 3 of 14
HQ
Dubai
Private-credit funds
Sells
Desk
Desk seat
Markets
0
Dubai
Years
0
Founded 2023
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
One named pilot (redacted).
Founded 2023, headquartered in Dubai. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 3 of 14. A qualified custodian reconciling against this book. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
Securities memo on the tape itself — is the record a security? Write it down.
Closed RFQ wires do this slowly. Maple Well does it as a record. 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.
The first sentence Anja Holm would not let us publish was the exciting one. What remains is slower — and scarcer: Maple Well Ltd selling Private credit tape as software, from Dubai, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. 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 Dubai, 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 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
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the pilot
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.
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.
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
- 18
- Counsel hours on file
- 55
- Asks / week
- 14
- Our cut
- 0% of proceeds
Kill the public sentence in an hour or do not list us. We can do the hour.
This company
Maple Well
Open-source looks free until the auditor asks who attests. Maple Well has an answer.
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.
Dubai 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
- 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
- 06A named counterparty verifies; Maple Well does not attest to its own facts.
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.
Counsel & perimeter
37%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
Adapter work against the incumbent register, admin, or custodian.
Control environment
21%
A counsel memo that can survive a later reader.
Named operators
15%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Desk seat
- Who pays
- A qualified custodian reconciling against this book.
- 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
- Four origination desks already post into a closed tape.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- Closed RFQ wires do this slowly. Maple Well 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.
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 2023, headquartered in Dubai. One named pilot on file (redacted in public). 9 nodes or connected surfaces reported. Desk diligence score 81/100. Sprint day 3 of 14. A qualified custodian reconciling against this book. 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
- Dubai 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.”
- Product77
- Customers40
- Legal path62
- Tech maturity63
- Demand30
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Maple Well has to be cheaper or faster before that happens.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04What does renewal look like if no round ever happens?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Which incumbent can copy this in a quarter, and what would they have to migrate?
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
- Maple Well Ltd
- 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.
- Dubainamed
- United Kingdomnamed
- Public residual claimsrestricted
Team
Who runs it.
- Anja HolmChief executive
- Claire IbrahimHead of product
Stack
- Credit book
- Private credit tape
- Takedown SLA
Who can decide
The technical founder is on the record as Head of product. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.
If the first customer renews, the adapter work pays for itself. If they do not, Maple Well is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Maple Well 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 |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Dubai, United Kingdom | Named markets on the file | live |
On the record
- Day 0 lockKick-offSep
- Claim inventoryPackSep
- Audience matrix draftPackSep
Operating log
11 Sep 10:26
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.