Ryvyl Inc (RTB) is a financial technology company that provides global payment acceptance and disbursement solutions. Revenue comes primarily from credit card payment processing fees earned by enabling merchants to accept credit card payments through arrangements with third-party acquiring banks and payment processors. Total revenue was $11.1 million in FY2025, down 38.7% from $18.2 million in FY2024, with a gross margin of 47.7% in FY2025 versus 40.7% in FY2024. The company reported a net loss of $17.5 million in FY2025 and an accumulated deficit of $196.9 million as of December 31, 2025, with going concern doubt disclosed in the FY2025 10-K. Ryvyl completed the disposal of its RYVYL EU subsidiary effective June 1, 2025, and discontinued its QuickCard product. The company also offers NEMS Core, an internally developed disbursements platform launched in late 2024. A pending merger with RTB was disclosed in the same filing. Ryvyl was formerly known as ASAP Expo, Inc., incorporated in Nevada on April 10, 2007, and acquired its core payment technology business in April 2018.

Revenue model

Transactional fees from credit card payment processing, which represent the substantial majority of revenue. Processing is facilitated through arrangements with third-party acquiring banks and payment processors. NEMS Core, a disbursements platform, represents an additional revenue stream launched in late 2024.

Products and services

Credit card payment processing for merchants; NEMS Core disbursements platform (launched late 2024). QuickCard product was discontinued as of FY2025. RYVYL EU subsidiary was divested effective June 1, 2025.

Customers and end markets

Merchants requiring credit card payment acceptance. No specific customer concentration figures or named end markets disclosed in the filing excerpts.

Value-chain role

Payment technology intermediary sitting between merchants and third-party acquiring banks and payment processors. Also operates a fund disbursement platform for businesses.

Geographic exposure

Primarily U.S.-focused following the disposal of the European subsidiary RYVYL EU, effective June 1, 2025.

Source: SEC 10-K, filed 2026-04-15

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