Luxembourg Fund's $3.4M Share Purchase Signals Strategic Interest in Ryvyl's Fintech Future

Rhea-AI Filing Summary

S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund, has acquired a significant 21.34% stake (3,390,354 shares) in Ryvyl, representing a major ownership position in the financial technology company. The stake was calculated based on 15,885,647 outstanding shares as of June 5, 2025.

Key details of the acquisition:

• Funding sources include loan repayment from a UK-based electronic money institution and financing from a UK-based authorized payment institution
• The fund has sole voting and dispositive power over all 3,390,354 shares
• Share purchases occurred between June 23-26, 2025

While the fund has not disclosed specific plans for its investment, it maintains the right to: acquire additional shares, engage in private transactions, and influence corporate decisions. The filing indicates potential active involvement in Ryvyl's future direction, though no concrete proposals for corporate changes have been formulated at this time.

Positive

• S8 Global Fintech & Regtech Fund acquired a significant 21.34% stake (3,390,354 shares) in RYVYL Inc., representing a major institutional investment
• The investment comes from a regulated Luxembourg-based alternative investment fund, providing credibility and potential long-term commitment
• The fund indicates potential for additional share purchases if market conditions are favorable, suggesting confidence in the company

Negative

• The rapid accumulation of shares over just four days (June 23-26, 2025) could create temporary selling pressure if the fund decides to reduce its position
• The significant 21.34% ownership concentration by a single investor may create stock volatility and price pressure risks

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

RYVYL Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

39366L307

(CUSIP Number)

S8 Global Fintech Regtech Fund
2C Parc D'Activites,
Capellen, N4, 8308
44 20 7100 5553

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/23/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 39366L307

1

Name of reporting person

S8 Global Fintech & Regtech Fund

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,390,354.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,390,354.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,390,354.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.34 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Beneficial ownership percentage based on 15,885,647 shares of the Issuer's common stock, $0.001 par value per share, outstanding as of June 5, 2025, as disclosed in that certain Amendment No. 1 to Registration Statement on Form S-1, filed by the Issuer with the U.S. Securities and Exchange Commission ('SEC") on June 16, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value
(b)	Name of Issuer: RYVYL Inc.
(c)	Address of Issuer's Principal Executive Offices: 3131 Camino Del Rio North, Suite 1400, San Diego, CALIFORNIA , 92108.
Item 1 Comment: The class of equity securities to which this Schedule 13D ("Schedule 13D"), relates is the shares of common stock, $0.001 par value per share (the "Shares") of RYVYL, Inc., a Nevada corporation (the "Issuer"). Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.
Item 2.	Identity and Background
(a)	S8 Global Fintech & Regtech Fund (the "Reporting Person").
(b)	The business address of the Reporting Person is 2C Parc D'Activites, Capellen, Luxembourg, 8308
(c)	The Reporting Person is a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier) registration number: V11163
(d)	N/A
(e)	N/A
(f)	Luxembourg
Item 3.	Source and Amount of Funds or Other Consideration
	The source of funds is from the Reporting Person's existing portfolio companies. Specifically, it includes: (i) the repayment of a loan by one of its portfolio entities, a UK-based electronic money institution ("EMI") regulated by the U.K. Financial Conduct Authority ("FCA"); and (ii) a loan provided by another portfolio company, a U.K.-based authorized payment institution ("API") also regulated by the FCA, which is expected to be repaid through dividends distributed by such company.
Item 4.	Purpose of Transaction
	The Reporting Person from time to time intends to review its investments in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Shares in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Person will take such actions in the future as it may deem appropriate in light of the circumstances existing from time to time. If the Reporting Person believes that further investment in the Issuer is attractive, whether because of the market price of the Shares or otherwise, it may acquire Shares or other securities of the Issuer either in the open market or in privately negotiated transactions. Similarly, depending on market and other factors, the Reporting Person may determine to dispose of some or all of the Shares currently owned by the Reporting Person or otherwise acquired by the Reporting Person either in the open market or in privately negotiated transactions. Except as set forth in this Schedule 13D, the Reporting Person has not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the Issuer's capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure; (g) any change in the Issuer's charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person; (h) causing a class of the Issuer's securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	The following disclosure is based upon 15,885,647 Shares issued and outstanding as of June 5, 2025, as disclosed in that as disclosed in that certain Amendment No. 1 to Registration Statement on Form S-1, filed by the Issuer with the SEC on June 16, 2025. As of the date of this Schedule 13D, the Reporting Person may be deemed to be the beneficial owner of 3,390,354 Shares, which constitutes 21.34% of the issued and outstanding Shares.
(b)	As of the date of this Schedule 13D, the Reporting Person has the sole power to vote or direct to vote, or sole power to dispose or direct to dispose or to direct the disposition, in respect of 3,390,354 Shares. The Reporting Person currently holds no Shares for which there is shared power to dispose or direct the disposition thereof.
(c)	As disclosed in that certain statement of changes in beneficial ownership on Form 4 filed with the SEC on June 24, 2025 and June 27, 2025, the Reporting Person engaged in certain purchase transactions in respect of the Shares on June 23, 2025, June 24, 2025, June 25, 2025 and June 26, 2025.
(d)	N/A
(e)	N/A
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	N/A
Item 7.	Material to be Filed as Exhibits.
	N/A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

S8 Global Fintech & Regtech Fund

Signature:	/s/ Geraldine Gantenbein
Name/Title:	Geraldine Gantenbein/Manager
Date:	06/27/2025

FAQ

What percentage of RVYL stock does S8 Global Fintech & Regtech Fund own?

S8 Global Fintech & Regtech Fund owns 3,390,354 shares of RVYL, representing 21.34% of the company's outstanding shares, based on 15,885,647 total shares outstanding as of June 5, 2025.

When did S8 Global Fintech Fund acquire its stake in RVYL?

S8 Global Fintech Fund acquired its RVYL shares through purchase transactions conducted between June 23-26, 2025, as disclosed in Form 4 filings dated June 24 and June 27, 2025.

What is the source of funds for S8 Global's investment in RVYL?

The funds came from S8 Global's existing portfolio companies, specifically: (1) repayment of a loan from a UK-based electronic money institution (EMI) regulated by FCA, and (2) a loan from a UK-based authorized payment institution (API), to be repaid through dividends.

Does S8 Global Fintech Fund plan to make changes to RVYL's management or structure?

According to the filing, S8 Global has not formulated any specific plans regarding changes to RVYL's management, board of directors, corporate structure, or business operations. However, they will review their investment based on various factors and may take actions as deemed appropriate.

How many RVYL shares does S8 Global have voting power over?

S8 Global Fintech & Regtech Fund has sole voting power and sole dispositive power over 3,390,354 shares of RVYL, with zero shares under shared voting or dispositive power.