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

SCRE

Screened

SCREENEDPayments orchestration

Scree

They killed 15 sentences to get listed. That is the product you are about to miss.

Seats of attention are not infinite. 12 counterparties are in the live thread. You are not — yet.

Scree — 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.

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

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.

Stage

upcoming

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Account abstraction · testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Orbit · 8164

SCRE

The plate

Orbit. Edition 8164.

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

SCRE · Barcelona · Payments orchestration

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Barcelona

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Barcelona

Years

Founded 2023

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

Early — still a question.

The AA layer is on testnet and they said so — no mainnet theatre.

Traction

No paying pilot on the public file.

Founded 2023, headquartered in Barcelona. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 77/100. An AIFM whose auditor has seen the dual-record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Two paying PSPs or the file should not go to Build.

Checkout.com is a processor. This is plumbing for processors. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The first sentence Nadia Ibrahim would not let us publish was the exciting one. What remains is slower — and scarcer: Scree Ltd selling Payments orchestration as software, from Barcelona, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

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

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 the founder

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

From ops

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 next Payments orchestration company on this board will not have this waitlist, this HQ, or this counsel posture.

The incumbent copy takes a year. The named customer is already writing into this record.

Read it once, properly, while the number is still green. Then decide.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 15
Counsel hours on file: 13
Asks / week: 5
Our cut: 0% of proceeds

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

This company

Scree

A generalist vendor copies the slide. They cannot copy the named record.

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

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.

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

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.

Control environment
33%
The remaining certifications and the second named market.
Second market
24%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
15%
Hiring the operator who already does this job at a licensed firm.
Named operators
28%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
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: Scheme-map licence
Who pays: An AIFM whose auditor has seen the dual-record.
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: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Checkout.com is a processor. This is plumbing for processors.
Why we listed it: The AA layer is on testnet and they said so — no mainnet theatre.

Next twelve months

What has to be true.

Two paying PSPs or the file should not go to Build.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

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
Barcelona 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.”

Product21
Customers18
Legal path62
Tech maturity37
Demand10
Market access44

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.

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 Scree. Concentration in one scheme is existential.

Token relapse

A later round that wants a public token puts Scree 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?
02Is the waitlist demand for a product, or a queue for a coin?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Who is the first named paying customer — not a letter of intent?

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: Scree 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.

Barcelonanamed
United States retailrestricted

Team

Who runs it.

Nadia IbrahimChief executive
Leila VossChief technology

Stack

Account abstraction · testnet
Payments orchestration
Approval trail
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Nadia Ibrahim came in named. The team is not a handle. Scree Ltd exists, founded 2023, headquartered in Barcelona. Anonymity would have been an automatic decline.

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
Scree does not sell a token to the public on this pad	Posture lock	live
The product is payments orchestration sold to institutions	Architecture + customer type	draft
Account abstraction · testnet 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Barcelona	Named markets on the file	draft

On the record

Application APP-4627ScreenSep
Counsel questionPathSep

Operating log

06 Sep 17:00
Application scored. Scree is not a calendar slot.
11 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.