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

NETL

In market

HOT WINDOWFund NAV

Nettle Fen

They killed 17 sentences to get listed. That is the product you are about to miss.

The protocol pitch was declined. What remains is software against an invoice. 7,414 people still asked.

Nettle Fen — An operational layer for funds: NAV events, share-class records, books an AIFM can defend. The administrator remains the administrator. This is co-sourced infrastructure, not a tokenised fund on a public board.

Live campaign. 7,414 on the product waitlist — that is demand, not an allocation.

The named customer already picked. The waitlist is everyone who was late to that fact.

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

Fund-admin adapters

Counsel hours

Edinburgh · counsel-named

Sentences killed

Before listing

Claims live

7/10

Growth

Our cut

Of any proceeds

Plate Vault · 1507

NETL

The plate

Vault. Edition 1507.

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

NETL · Edinburgh · Fund NAV

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Edinburgh

Fund administrators

Sells

Bps

Bps of AUM on the books

Markets

Edinburgh

Years

Founded 2022

Surfaces

Fund-admin adapters

Complete

File readiness

The wedge

Bps of AUM on the books

Shadow books do not survive an audit. This only ships if the admin signs.

Why the desk took it

A real job, not a ticker.

NAV liability sentence exists. Who is wrong when the number is wrong.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Edinburgh. 4 named pilots on file (identities redacted in public). 7,414 on the waitlist, gated — product demand, not a book built. 22 nodes or connected surfaces reported. Desk diligence score 84/100. A qualified custodian reconciling against this book. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Counsel on the unit — security or not — in writing.

A public tokenised fund is a different file — and usually the wrong house. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Edinburgh is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Nettle Fen chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Nettle Fen exists because the incumbent brand will not staff the unglamorous middle of Fund NAV. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

On a Tuesday in Edinburgh, 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 ops

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 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 counsel

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

The window

Miss this and you read the archive.

The decline pile in Fund NAV is full of companies that looked the same on slide one. This one is listed.

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: 17
Counsel hours on file: 24
Asks / week: 927
Our cut: 0% of proceeds

Kill the public sentence in an hour or do not list us. We can do the hour.
Eva Mbeki, Chief executive

This company

Nettle Fen

Open-source looks free until the auditor asks who attests. Nettle Fen has an answer.

In the same conversation

SS&C
Apex
Citi TA
Not a public tokenised fund

The bet

Why this company exists.

Shadow books do not survive an audit. This only ships if the admin signs.

Allocators want faster marks. Administrators cannot staff that with people. A dual-record (their books + this event) is how they sleep.

Fund administration is a fee business measured in basis points of AUM. A faster close is retained business.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Nettle Fen is priced as software against an invoice that already exists.

Edinburgh 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

01Administrator remains source of truth
02Events (NAV, subscription, share-class) are signed and timestamped
03Investors and auditors query what they are allowed to see
04The fund unit is not listed here as a token you can buy
05Investors and auditors query only what they are allowed to see
06The legal source of truth stays with the incumbent register, admin, or custodian.

In the same conversation as

SS&C
Apex
Citi TA
Not a public tokenised fund

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
33%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
A counsel memo that can survive a later reader.
Certifications & adapters
19%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
21%
Dual-control drills, key ceremonies, and the person who owns them.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Bps of AUM on the books
Who pays: A qualified custodian reconciling against this book.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: Named administrator on the engagement letter.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A public tokenised fund is a different file — and usually the wrong house.
Why we listed it: NAV liability sentence exists. Who is wrong when the number is wrong.

Next twelve months

What has to be true.

Counsel on the unit — security or not — in writing.

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 Fund-admin adapters
No token contract listed as a public sale
Named founder; customer still a conversation
Edinburgh 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.”

Product81
Customers96
Legal path84
Tech maturity94
Demand77
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Edinburgh · counsel-named has to be a memo you can file, not a slogan on the hero.

Unit token

A share-class token sold to the public is a securities offering. This pad will not run that as a sale.

Admin of record

If the admin has not signed, this is a shadow book. Shadow books do not survive an audit.

NAV liability

Who is wrong when the number is wrong? That sentence has to exist.

Distribution

Using this layer as a public subscription journey is a different file — and usually the wrong house.

Shadow book

If the administrator has not signed, Nettle Fen is a copy of a spreadsheet. Copies do not survive the audit.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Nettle Fen has to be cheaper or faster before that happens.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03Has counsel written the perimeter in a memo you can file?
04Who can unpublish a public sentence in 24 hours, by name?
05Is the waitlist demand for a product, or a queue for a coin?
06What happens if a founder later wants a public token?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Nettle Fen Ltd
Path on file: Edinburgh · counsel-named
Posture: No public sale
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.

Edinburghnamed
United Kingdomnamed
EU retailrestricted

Team

Who runs it.

Eva MbekiChief executive
Tomás ColeChief compliance

Stack

Fund-admin adapters
Fund NAV
Takedown SLA
Approval trail

Named with them

Helix Audit
Meridian Tax

Who can decide

The technical founder is on the record as Chief compliance. 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, Nettle Fen is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Nettle Fen does not sell a token to the public on this pad	Posture lock	live
The product is fund nav sold to institutions	Architecture + customer type	live
Fund-admin adapters 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Edinburgh, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:17
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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.