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

VETU

In market

HOT WINDOWCredit RFQ

Vetch Mark

Pilots named (redacted). Waitlist not. 9,743 names. Your move.

Vetch Mark survived the screen. Most of Credit RFQ did not. That is not a slogan. It is the decline pile.

Vetch Mark — 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.

Live campaign. 9,743 on the product waitlist — that is demand, not an allocation.

3 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.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned matching

Counsel hours

United Kingdom · counsel-named

Sentences killed

Before listing

Claims live

6/8

Build

Our cut

Of any proceeds

Plate Horizon · 7684

VETU

The plate

Horizon. Edition 7684.

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

VETU · London · Credit RFQ

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

London

Private-credit funds

Sells

Bps

Bps on facilities on the tape

Markets

United Kingdom

Years

Founded 2022

Surfaces

Permissioned matching

Complete

File readiness

The wedge

Bps on facilities on the tape

Vetch Mark wants to be the record everyone already trusts, without becoming the venue.

Why the desk took it

A real job, not a ticker.

They asked us to kill ‘marketplace’ in every sentence. We did.

Traction

5 named pilots (redacted).

Founded 2022, headquartered in London. 5 named pilots on file (identities redacted in public). 9,743 on the waitlist, gated — product demand, not a book built. 7 nodes or connected surfaces reported. Desk diligence score 93/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

One administrator consuming marks daily.

Closed RFQ wires do this slowly. Vetch Mark does it as a record. 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.

The first sentence Priya Ribeiro would not let us publish was the exciting one. What remains is slower — and scarcer: Vetch Mark Ltd · England & Wales selling Credit RFQ as software, from London, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Vetch Mark exists because the incumbent brand will not staff the unglamorous middle of Credit RFQ. 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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Vetch Mark. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

From the founder

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.

The window

Miss this and you read the archive.

Miss a few days and you are explaining to your IC why you read it after it closed.

Switching cost is the auditor conversation. Once it happens, you are late.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 85
Asks / week: 1,218
Our cut: 0% of proceeds

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

This company

Vetch Mark

Not the incumbent brand. Vetch Mark sells the job the brand will not staff.

In the same conversation

eFront
Allvue
Closed RFQ wires
Not an on-chain lending pool

The bet

Why this company exists.

Vetch Mark wants to be the record everyone already trusts, without becoming the venue.

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

The incumbent brand sells the relationship. Vetch Mark 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.

London 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Claims & campaign ops
37%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
20%
Adapter work against the incumbent register, admin, or custodian.
Second market
19%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
24%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.

The wedge

Why this one, not the other one.

They sell: Bps on facilities on the tape
Who pays: A warehouse or port that has written a live event.
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: Covenant language mapped to the LMA set — not a custom dialect.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Closed RFQ wires do this slowly. Vetch Mark does it as a record.
Why we listed it: They asked us to kill ‘marketplace’ in every sentence. We did.

Next twelve months

What has to be true.

One administrator consuming marks daily.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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.

Operating notes for Permissioned matching
No token contract listed as a public sale
Named founder; customer still a conversation
London 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.”

Product60
Customers96
Legal path84
Tech maturity67
Demand89
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Vetch Mark asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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. Vetch Mark has to be cheaper or faster before that happens.

Ask these next

01Which geography is actually locked, and which is a hope?
02Who is the first named paying customer — not a letter of intent?
03Is the waitlist demand for a product, or a queue for a coin?
04Who can unpublish a public sentence in 24 hours, by name?
05What does renewal look like if no round ever happens?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Vetch Mark Ltd · England & Wales
Path on file: United Kingdom · counsel-named
Posture: No public sale
Pack: Build

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.

United Kingdomnamed
EEA professionalnamed
Global publicrestricted
United Statesrestricted

Team

Who runs it.

Priya RibeiroChief executive
Luca HolmFinance

Stack

Permissioned matching
Credit RFQ
Approval trail
Disclosure templates

Who can decide

Priya Ribeiro (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Vetch Mark does not sell a token to the public on this pad	Posture lock	live
The product is credit rfq sold to institutions	Architecture + customer type	live
Permissioned matching 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
Pilot identities redacted in public	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United Kingdom, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:22
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.