Luxembourg Fund Takes 19.4% Stake in Fintech Firm RVYL

S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund, has disclosed a significant 19.43% ownership stake in Ryvyl, representing 3,087,000 shares of common stock.

Accepted by SEC EDGAR 06/20/2025 - 09:00 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund, has disclosed a significant 19.43% ownership stake in Ryvyl, representing 3,087,000 shares of common stock. This disclosure was triggered by an event on June 6, 2025.

Key ownership details:

• The fund maintains sole voting and dispositive power over all 3,087,000 shares
• No shares are held with shared voting or dispositive powers
• Ownership percentage is calculated based on 15,885,647 outstanding shares as of June 5, 2025

The filing entity is registered with Luxembourg's CSSF (Commission de Surveillance du Secteur Financier) under registration number V11163. The certification confirms that the Luxembourg regulatory scheme is substantially comparable to equivalent U.S. institutions. The document was signed by Geraldine Gantenbein, Manager, on June 20, 2025.

Positive

• S8 Global Fintech & Regtech Fund has taken a significant 19.43% ownership stake (3,087,000 shares) in RYVYL Inc., representing a major institutional investment
• The substantial position (19.43%) by a Luxembourg-based investment fund suggests strong institutional confidence in RYVYL's business model and growth potential

Negative

• None.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares of RVYL does S8 Global Fintech & Regtech Fund own?

S8 Global Fintech & Regtech Fund owns 3,087,000 shares of RVYL common stock, representing 19.43% of the company's outstanding shares as of June 5, 2025.

What type of investor is S8 Global Fintech & Regtech Fund in RVYL?

S8 Global Fintech & Regtech Fund is a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier) with registration number V11163. The fund has sole voting and dispositive power over its RVYL shares.

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

According to the Schedule 13G filing, the event that triggered the filing occurred on June 6, 2025, indicating this is when the fund's ownership reached or exceeded 5% of RVYL's outstanding shares.

What is the total number of outstanding RVYL shares as of the filing date?

According to the filing, RVYL had 15,885,647 shares of common stock outstanding as of June 5, 2025, as disclosed in Amendment No. 1 to Registration Statement on Form S-1 filed on June 16, 2025.

Does S8 Global Fintech & Regtech Fund share voting power over RVYL shares with anyone?

No, the fund has sole voting power and sole dispositive power over all 3,087,000 shares it owns, with 0 shares reported under shared voting power or shared dispositive power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

RYVYL Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

39366L307

(CUSIP Number)

06/06/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 39366L307

1

Names of Reporting Persons

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

Citizenship or Place of Organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,087,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,087,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,087,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.43 %

12

Type of Reporting Person (See Instructions)

FI

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 on June 16, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RYVYL Inc.
(b)	Address of issuer's principal executive offices: 3131 Camino Del Rio North, Suite 1400, San Diego, CA, 92108
Item 2.
(a)	Name of person filing: S8 Global Fintech & Regtech Fund
(b)	Address or principal business office or, if none, residence: 2C Parc d'Activites, Capellen, Luxembourg 8308
(c)	Citizenship: Luxembourg
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 39366L307
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	A Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier) registration number: V11163
Item 4.	Ownership
(a)	Amount beneficially owned: 3,087,000
(b)	Percent of class: 19.43 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,087,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,087,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a Luxembourg-based alternative investment fund (AIF) is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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:	06/20/2025