# EDGAR Filing Document

**Accession Number:** 0002073859
**File Stem:** 0001493152-25-024917
**Filing Date:** 2025-11
**Character Count:** 8540
**Document Hash:** 06a1062ec2a4b727b72d954053e52992
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024917.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001493152-25-024917

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYVYL Inc.
- **CENTRAL INDEX KEY:** 0001419275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91720
- **FILM NUMBER:** 251515607

**BUSINESS ADDRESS:**
- **STREET 1:** 3131 CAMINO DEL RIO NORTH, SUITE 1400
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92108
- **BUSINESS PHONE:** 619-631-8261

**MAIL ADDRESS:**
- **STREET 1:** 3131 CAMINO DEL RIO NORTH, SUITE 1400
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GreenBox POS
- **DATE OF NAME CHANGE:** 20190222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GreenBox POS, LLC
- **DATE OF NAME CHANGE:** 20180613

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASAP Expo, Inc.
- **DATE OF NAME CHANGE:** 20071123
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** S8 Global Fintech & Regtech Fund
- **CENTRAL INDEX KEY:** 0002073859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2C PARC D'ACTIVITES
- **CITY:** CAPELLEN
- **NON US STATE TERRITORY:** LUXEMBOURG
- **PROVINCE COUNTRY:** N4
- **ZIP:** 8308
- **BUSINESS PHONE:** 44 20 7100 5553

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2C PARC D'ACTIVITES
- **CITY:** CAPELLEN
- **NON US STATE TERRITORY:** LUXEMBOURG
- **PROVINCE COUNTRY:** N4
- **ZIP:** 8308

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**RYVYL Inc.**

*(Name of Issuer)*

**Common Stock, $0.001 par value per share**

*(Title of Class of Securities)*

**39366L307**

*(CUSIP Number)*

**S8 Global Fintech Regtech Fund**<br>2C Parc D'Activites<br>Capellen N4 8308<br>44 20 7100 5553

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

**11/20/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **39366L307** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**S8 Global Fintech & Regtech Fund** | Name of reporting person<br>**S8 Global Fintech & Regtech Fund** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3608485.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3608485.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3608485.00** | Aggregate amount beneficially owned by each reporting person<br>**3608485.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.999%** | Percent of class represented by amount in Row (11)<br>**9.999%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage in #11 is based on 36,085,978 shares of common stock issued and outstanding as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.001 par value per share

**(b) Name of Issuer:**
RYVYL Inc.

**(c) Address of Issuer's Principal Executive Offices:**
3131 Camino Del Rio North, Suite 1400, San Diego, CA, 92108

This Amendment No. 1 to the Schedule 13D supplements and amends the Schedule 13D originally filed by S8 Global Fintech & Regtech Fund (Luxembourg) (the "Reporting Person") with the Securities and Exchange Commission on June 27, 2025.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended and supplemented as follows:

The Reporting Person owns 3,390,354 shares of common stock of the Issuer. The Reporting Person purchased such shares for investment purposes.

The Reporting Person continues to evaluate its investment in the Issuer in light of recent public disclosures concerning the Issuer's proposed merger with RTB Digital Inc. (the "Merger"). Based solely on publicly available information, the Reporting Person has noted certain features of the Merger structure, including (i) the fixed valuation ascribed to RTB Digital Inc. in the Merger Agreement, and (ii) provisions permitting RTB Digital Inc. to undertake additional financing or issue new securities without adjustment to such valuation. The Reporting Person believes that these provisions may have a material impact on the economics of the Merger for existing shareholders.

The Reporting Person may in the future (i) engage in additional discussions with the Issuer's management, directors, or advisors, (ii) engage with other shareholders of the Issuer, (iii) consider additional requests for corporate records under applicable Nevada law, including NRS 78.257, and/or (iv) consider further actions relating to the Issuer, including changes to its voting intentions. Any such actions will depend on numerous factors, including the Issuer's actions, market conditions, and the Reporting Person's ongoing assessment of its investment.

Except as described in this Amendment or in earlier filings, the Reporting Person does not currently have any plans or proposals that relate to or would result in any of the matters described in Item 4(a)-(j) of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is amended to include the following: As of the date of this Amendment No.1, the Reporting Person beneficially owns 3,608,485 shares of common stock, representing approximately 9.999% of the outstanding shares of common stock of the Issuer (based on 36,085,978 shares of common stock issued and outstanding as of November 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025.

**(b)**
—

**(c)**
Item 5(c) is amended to include the following: The Reporting Person engaged in certain additional open market purchase transactions of common stock, as follows: 100,000 shares acquired on June 27, 2025; 14,491 shares acquired on June 30, 2025, and 200,000 shares of common stock on July 16, 2025.

On July 1, 2025, the Reporting Person disposed of 100,000 shares of common stock. As disclosed on Form 4 filed with the SEC on July 3, 2025, the Reporting Person remitted to the Issuer any profits received in connection with the July 1, 2025 sale, in compliance with Section 16(b) of the Securities Exchange Act of 1934.

### 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.

**Reporting Person:** S8 Global Fintech & Regtech Fund

**Signature:** /s/ Geraldine Gantenbein

**Name/Title:** Geraldine Gantenbein, Manager

**Date:** 11/25/2025