The wedge
Bps on facilities on the tape
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
YARL
Screened
SCREENEDCredit covenantsYarrow Fen
Window a fewd · waitlist a short list · our cut 0%. Do the maths.
Inbound this week: 5. That is demand for a job someone already pays for — not a book.
Yarrow Fen — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Window a fewd. Waitlist a short list. 5 asks this week. This is not a quiet listing.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
EVM · proof of concept
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3059
YARL
The plate
Orbit. Edition 3059.
A unique plate for Yarrow Fen. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YARL · Nairobi · Credit covenants
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Nairobi
Private-credit funds
Sells
Bps
Bps on facilities on the tape
Markets
0
Nairobi
Years
0
Founded 2021
Surfaces
0
EVM · proof of concept
Complete
0
File readiness
Why the desk took it
Early — still a question.
They asked us to kill ‘marketplace’ in every sentence. We did.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Nairobi. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Yarrow Fen.
Next 12 months
Securities memo on the tape itself — is the record a security? Write it down.
A DeFi lending pool is the opposite company. 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.
Nairobi is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Yarrow Fen chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. 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 Nairobi, 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 founder
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From counsel
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
The incumbent will still be slow in a year. The window will not.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
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
- 15
- Counsel hours on file
- 14
- Asks / week
- 5
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Yarrow Fen
A generalist vendor copies the slide. They cannot copy the named record.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Yarrow Fen is priced as software against an invoice that already exists.
Nairobi 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
- 06Kill of a public sentence is an hour, not a committee.
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.
Control environment
36%
The remaining certifications and the second named market.
Second market
20%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
21%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Bps on facilities on the tape
- Who pays
- A transfer agent willing to consume a revoke in production.
- 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
- Covenant language mapped to the LMA set — not a custom dialect.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- A DeFi lending pool is the opposite company.
- Why we listed it
- They asked us to kill ‘marketplace’ in every sentence. We did.
Next twelve months
What has to be true.
Securities memo on the tape itself — is the record a security? Write it down.
Architecture says keys / title / NAV liability sit with a named licensed party — not Yarrow Fen.
They have not asked us to run a sale. That ask would close the file.
Traction
What you can verify today.
Founded 2021, headquartered in Nairobi. No named paying pilot on the file yet — that is the first question. 3 nodes or connected surfaces reported. Desk diligence score 76/100. A transfer agent willing to consume a revoke in production. Architecture says keys / title / NAV liability sit with a named licensed party — not Yarrow Fen.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Nairobi 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.”
- Product20
- Customers18
- Legal path24
- 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.
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. Yarrow Fen has to be cheaper or faster before that happens.
Ask these next
- 01If RCA Pad disappeared tomorrow, could the customer still run the job?
- 02What does renewal look like if no round ever happens?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04Has counsel written the perimeter in a memo you can file?
- 05Where do keys, title, or NAV liability sit — and is that person licensed?
- 06Who can unpublish a public sentence in 24 hours, by name?
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
- Yarrow Fen Ltd
- Path on file
- Undetermined — not a path
- 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.
- Nairobinamed
- Public residual claimsrestricted
Team
Who runs it.
- Lars BergChief executive
- Claire OkoyeMarkets
Stack
- EVM · proof of concept
- Credit covenants
- Takedown SLA
Who can decide
Lars Berg came in named. The team is not a handle. Yarrow Fen Ltd exists, founded 2021, headquartered in Nairobi. Anonymity would have been an automatic decline.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Yarrow Fen does not sell a token to the public on this pad | Posture lock | live |
| The product is credit covenants sold to institutions | Architecture + customer type | draft |
| EVM · proof of concept 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 |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Nairobi | Named markets on the file | draft |
On the record
- Application APP-4151ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 17:00
Application scored. Yarrow Fen 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.
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.