The 5xx series came out about 7 years ago I think - a lifetime ago for computer graphics. I don't think it'd cope with the things we're asking it to do at all (it would run, just ... rather slowly)
Your minimum requirements state a 550 though, just with 2gb vram. It's the memory requirement I find surprising (both vram and system), but then I only have youtube videos and the listed size of the game download to go by. Anyway, if it requires 2gb/8gb then that's what it requires, it's just a shame because it looks like a fun game.
Looking at it here (on Win10) it seems to be using 1.5GB RAM and 1.5GB VRAM... I reckon the 550 will run it but it will be a bit sluggish (30fps) and I wouldn't want you to be disappointed.