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Ryvyl

“Can RYVYL build a scalable global payments intermediary business — combining BIN sponsorship, card issuing, IBAN issuance, and disbursements — without holding a direct banking license?”

Founded2017
HQSan Diego, CA, USA
IndustryFintech / Cross-border payments
The story

Founded in 2017 as GreenBox POS, the company initially focused on blockchain-based payment processing for high-risk, cash-based business verticals. After rebranding to RYVYL in 2022, it broadened its scope to include global payment acceptance, disbursements, BIN sponsorship, card issuing, IBAN issuance, and FX services. By 2024, following compliance headwinds and banking regulation changes, RYVYL pivoted its first-generation QuickCard product and launched NEMS Core, an internal disbursements platform, repositioning itself as a global fintech payments infrastructure intermediary rather than a pure-play POS company.

Last 12 months
2024-11
2025-03
Product timeline
2017
Founded as GreenBox POS, initially serving niche high-risk cash-based business verticals with the QuickCard payment card processing system.· pivot
2022
GreenBox POS rebranded to RYVYL (NASDAQ: RVYL), signaling expansion from POS into a broader global payments and financial services company.· pivot
2024
Launched NEMS Core, an internally developed disbursements platform enabling businesses to distribute funds seamlessly.· banking
2024
Signed MOU to retire $19M Senior Convertible Note and $53.5M Series B Convertible Preferred Stock for $16.5M total consideration, restructuring the balance sheet.· pivot
The stack
5 layers disclosed in Ryvyl’s embedded-finance stack
Payments / PSP
Ryvyl (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: significant
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.