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

YARZ

In market

IN MARKETPayroll rails

Yarrow North

Heat 64. 88 asks this week. 0% of any raise comes here.

Stockholm is not a backdrop. It is the city where the customer can be called on a recorded line.

Yarrow North — 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.

Live campaign. 2,916 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

Payroll adapters

Counsel hours

Sweden · counsel-named

Sentences killed

Before listing

Claims live

7/11

Growth

Our cut

Of any proceeds

Plate Lattice · 9157

YARZ

The plate

Lattice. Edition 9157.

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

YARZ · Stockholm · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Stockholm

Licensed PSPs

Sells

Annual

Annual PSP seat

Markets

Sweden

Years

Founded 2026

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Annual PSP seat

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

Why the desk took it

A real job, not a ticker.

US was taken off the file in the first hour. That is adult.

Traction

3 named pilots (redacted).

Founded 2026, headquartered in Stockholm. 3 named pilots on file (identities redacted in public). 2,916 on the waitlist, gated — product demand, not a book built. 14 nodes or connected surfaces reported. Desk diligence score 88/100. A treasurer at a bank that already settles — not a crypto-native desk. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

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

Modulr and Lemonway sell the account. Yarrow North sells the router in front of accounts they already have. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Yarrow North would not let a public sale sit on this page. That is why a company in Payroll rails is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Stockholm buyer already has budget for this invoice. Yarrow North wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Yarrow North did not argue. Adult companies do not costume a US offering.

From ops

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.

From the screen

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.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

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

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: 10
Counsel hours on file: 49
Asks / week: 365
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Nadia Mbeki, Chief executive

This company

Yarrow North

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.

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

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

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

Stockholm 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
06A named counterparty verifies; Yarrow North does not attest to its own facts.

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.

Counsel & perimeter
31%
Hiring the operator who already does this job at a licensed firm.
Named operators
26%
A counsel memo that can survive a later reader.
Control environment
14%
Keeping the public story from running ahead of the claims register.
Second market
29%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SatDarkNo creators. No threads. Restricted geos stay dark.
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: Annual PSP seat
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: A design-partner PSP that will not talk to a second vendor this year.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: Modulr and Lemonway sell the account. Yarrow North sells the router in front of accounts they already have.
Why we listed it: US was taken off the file in the first hour. That is adult.

Next twelve months

What has to be true.

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

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Payroll adapters
No token contract listed as a public sale
Named founder; customer still a conversation
Stockholm 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.”

Product70
Customers96
Legal path84
Tech maturity88
Demand55
Market access90

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 Stockholm story becomes a fact pattern. The restricted list exists for a reason: EU retail, United States.

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 Yarrow North. Concentration in one scheme is existential.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Which geography is actually locked, and which is a hope?
03Who can unpublish a public sentence in 24 hours, by name?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Is the waitlist demand for a product, or a queue for a coin?
06What does renewal look like if no round ever happens?

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: Yarrow North AB
Path on file: Sweden · 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.

Swedennamed
EEA professionalnamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Nadia MbekiChief executive
Luca DiazChief executive

Stack

Payroll adapters
Payroll rails
Takedown SLA
Audit log

Named with them

Helix Audit
Meridian Tax

Who can decide

Nadia Mbeki (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.

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 North does not sell a token to the public on this pad	Posture lock	live
The product is payroll rails sold to institutions	Architecture + customer type	live
Payroll 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Sweden, EEA professional, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:47
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.