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

ROWA

Screened

SCREENEDCorporate treasury

Rowan Forge

Heat 24. 0 asks this week. 0% of any raise comes here.

a short list names asked to be first. None of them bought a token here. They asked for the product.

Rowan Forge — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

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

Redacted on the public page

Live nodes

Treasury ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/4

Sprint

Our cut

Of any proceeds

Plate Concentric · 9546

ROWA

The plate

Concentric. Edition 9546.

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

ROWA · Manchester · Corporate treasury

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Manchester

Banks

Sells

FMI

FMI seat

Markets

Manchester

Years

Founded 2023

Surfaces

Treasury ledger

Complete

File readiness

The wedge

FMI seat

Rowan Forge sells a treasurer a night without fails.

Why the desk took it

Early — still a question.

No settlement asset issued by Rowan Forge. We checked the architecture.

Traction

No paying pilot on the public file.

Founded 2023, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A named Manchester administrator who already signs the pack (redacted). No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Still no coin as the settlement asset.

CLS is FX. Fnality is the club. This is a rail those clubs might use. 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.

Someone in Manchester already renewed a slower vendor this year. Rowan Forge is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

Rowan Forge exists because the incumbent brand will not staff the unglamorous middle of Corporate treasury. 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

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 ops

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

From counsel

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.

Waiting for a proposed US rule is how you miss a Manchester buyer who already has budget.

Counsel hours on file: enough that a later reader can tell this was not improvised.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 8
Counsel hours on file: 5
Asks / week: 0
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.
Jonah Petrov, Chief executive

This company

Rowan Forge

The protocol pitch is the thing this company has already refused.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Rowan Forge sells a treasurer a night without fails.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

The incumbent brand sells the relationship. Rowan Forge 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.

Named: Manchester. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Manchester. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05A named counterparty verifies; Rowan Forge does not attest to its own facts.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Certifications & adapters
30%
Hiring the operator who already does this job at a licensed firm.
Control environment
18%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
22%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
30%
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.
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: A named Manchester administrator who already signs the pack (redacted).
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: CLS is FX. Fnality is the club. This is a rail those clubs might use.
Why we listed it: No settlement asset issued by Rowan Forge. We checked the architecture.

Next twelve months

What has to be true.

Still no coin as the settlement asset.

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.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Manchester 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.”

Product14
Customers18
Legal path62
Tech maturity31
Demand10
Market access44

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 Manchester story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Rowan Forge is in the e-money / deposit perimeter. That is a different company.

Facts vs theatre

A proof of a fake book is still a fake book. Rowan Forge has to attach to the real one, in Manchester.

Ask these next

01Has counsel written the perimeter in a memo you can file?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What does renewal look like if no round ever happens?
05Who can unpublish a public sentence in 24 hours, by name?
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: Rowan Forge Ltd
Path on file: Not offering — locked
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.

Manchesternamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Jonah PetrovChief executive

Stack

Treasury ledger
Corporate treasury
Disclosure templates
Approval trail

Named with them

Northbridge Counsel

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.

If the first customer renews, the adapter work pays for itself. If they do not, Rowan Forge is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Rowan Forge does not sell a token to the public on this pad	Posture lock	live
The product is corporate treasury sold to institutions	Architecture + customer type	draft
Treasury ledger is the method — not a listed asset	Paper only	draft
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: Manchester	Named markets on the file	draft

On the record

Application APP-4123ScreenSep
Counsel questionPathSep

Operating log

06 Sep 15:00
Application scored. Rowan Forge is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.

Path to now

Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.

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.