The archive · Money & Fintech · Financial decision · 2024–2026
PvX Partners Bets on Customer-Acquisition Collateral
PvX Partners offers cohort financing: advances marketing costs, recovers via revenue share; committed financing exceeds $750M in 2026.
PvX Partners
What the business is
Provides 'cohort financing' for mobile games and consumer apps: advances up to 80% of monthly customer-acquisition marketing costs, then takes a revenue share (up to 80%) from the revenue generated by that batch of new users until principal is repaid
Starting capital：$3.8M seed round (co-led by Play Ventures and General Catalyst, 2025-03)
How it started
The three co-founders come from Mobile Premier League, NetEase, Homa Games, JP Morgan, Evercore and other gaming and finance companies, with more than 60 years of combined experience. CEO Wadakethalakal said he had 'experienced the dilemma of growth funding': self-funding is too slow, equity is dilutive, and traditional debt is risky, so in 2024 he founded PvX Partners in Singapore and replaced these three paths with a lending model collateralized by cohort revenue
What happened
In 2025-03 it raised a $3.8M seed round, then introduced PvX Capital to customers such as Dabble, Top App Games, MysteryTag, and Playsome; in 2025-12 it announced committed financing exceeding $250M and added a $4.7M seed round; in 2026-04 it completed a $10.5M Series A (led by T-Accelerate Capital, Z Venture Capital, and Drive by DraftKings, with existing shareholders participating), and committed financing reached $750M
How it ended up
At the 2026-04 financing, it also announced more than $750M in committed customer-acquisition financing (about three times the 2025-12 figure), with the goal of quadrupling transaction volume within the year; in the same month it provided $2M of non-dilutive financing to AI casual game maker Smash Games. PvX is still expanding headcount, increasing investment in the Lambda model, and scaling
Background
PvX Partners is a growth financing platform founded in Singapore in 2024 that provides 'cohort financing' to mobile games and consumer apps: it uses its proprietary PvX Lambda machine-learning system to assess an app's customer-acquisition returns, then advances up to 80% of monthly marketing costs, and later takes a revenue share (up to 80%) from the revenue brought by that batch of new users until the principal is repaid. The founders describe this as a third option that combines the flexibility of equity with the efficiency of debt
The three co-founders, Joe Wadakethalakal, Ridzki Syahputera, and Zhen Jie Sim, come from Mobile Premier League, NetEase, Homa Games, JP Morgan, Evercore, and Morgan Stanley, with more than 60 years of combined gaming and finance experience. Their starting point is personal experience: when making mobile games, they knew that spending on user acquisition had returns, but had to choose between 'selling equity' and 'not investing,' so they decided to make the revenue of user cohorts itself into a financeable asset
In 2025-03, the $3.8M seed round was co-led by Play Ventures and General Catalyst; by 2025-12, committed financing exceeded $250M; in 2026-04, it completed a $10.5M Series A (led by T-Accelerate Capital, Z Venture Capital, and Drive by DraftKings), raising committed financing to $750M and making loans to support developers such as Smash Games. PvX's bet is that companies with predictable customer-acquisition returns need not dilute equity and can repay growth capital in installments from cohort revenue
What has to be true
- The founding team understands both game operations and financial engineering, allowing it to quantify 'customer-acquisition returns' into underwritable assets rather than lending on a guess
- Cohort financing addresses the most painful point in growth: when an app reaches the inflection point where customer-acquisition returns are predictable, it most lacks non-dilutive expansion capital
- PvX Lambda uses industry data as benchmarks and forecasts, compressing the lending decision from due diligence to term sheet within 24 hours
- The category has been validated by peers: in 2026, similar players such as Turkey's Leus Capital appeared, indicating that this is not the luck of a single company
What can be applied
Financializing predictable metrics creates new capital: prove per-user returns, then lend against them.
Aftermath
As of 2026-04-27, PvX Partners is still led by the three founders, headquartered in Singapore, with more than $750M in committed customer-acquisition financing; Series A funds are being used to expand the team and increase investment in PvX Lambda, with the goal of quadrupling transaction volume within 2026; the company has not disclosed its profit and loss and remains in the scaling stage
Sources
- Singapore's PvX Partners raises $3.8M in seed funding co-led by Play Ventures and General Catalyst
- UA Financing Goes Mainstream: PvX Partners Raises $10.5m Series A, Leus Capital Commits $20.4m to Spektra Games and Narcade
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