- Onboarded over 10,000 accounts; averaging 1,000 new accounts per day with first digital banking partner -
- Second digital bank has completed API integrations and expects to begin onboarding mid-April -
SAN DIEGO, CA, April 02, 2025 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a leading innovator of payment transaction solutions leveraging electronic payment technology for the diverse international markets, is rapidly onboarding new accounts with its two recently announced digital banking partners at RYVYL EU - Mar. 20, 2025 - RYVYL Secures Major Payments-as-a-Service Contracts.
Under the first contract, a fast-growing financial services provider is leveraging RYVYL EU’s infrastructure to issue digital and physical payment accounts. So far:
Over 10,000 accounts have been successfully opened;
Onboarding is currently averaging 1,000 new accounts per day; and
More than €10 million in transaction volume has been processed.
This contract is on track to exceed 50,000+ active accounts in 2025.
The second contract, with a fully digital banking platform, has completed API integrations ahead of plan and is scheduled to onboard 900,000 new customer accounts within the next 12 months.
Rui Helder, Chief Business Development Officer, RYVYL EU, said: “Our PaaS platform and support team offer partners exceptional value and means to leverage their customer base as well as accelerate growth. We are providing seamless onboarding, compliance expertise, and the operational scale required to power modern digital Payment ecosystems. Now, we are exceeding our initial onboarding goals for our two new PaaS contracts and are rapidly scaling our footprint with new accounts throughout Europe. I’m proud of our team’s strong execution in the initial onboarding of these key digital banking partners and confident we will reach our goal of opening nearly 1 million new customer accounts within the next 12 months.”
The foregoing guidance is based on the Company's continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company's RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company's financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the anticipated number of account activations and new customers onboarded, anticipated revenues and margins, timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the contracts described herein and are charactered by future or conditional words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee's ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries - particularly industries with heightened cash reporting obligations and restrictions - as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company's periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.
