档案库 · 金融科技 · 财务决策 · 2024–2026
PvX Partners押注获客抵押贷款
PvX Partners提供同类群组融资：预付营销费用，通过收入分成回收；2026年承诺融资超7.5亿美元。
PvX Partners
做的是什么生意
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
启动资金：$3.8M seed round (co-led by Play Ventures and General Catalyst, 2025-03)
起因
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
经过
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
结果
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
背景
PvX Partners是2024年在新加坡成立的增长融资平台，为手游和消费应用提供“同类群组融资”：用自有的PvX Lambda机器学习系统评估应用的获客回报，然后预付每月营销成本的80%，之后从该批新用户带来的收入中分成（最高80%）直至本金还清。创始人称这是第三种选择，既有股权的灵活性又有债务的效率。
三位联合创始人Joe Wadakethalakal、Ridzki Syahputera和Zhen Jie Sim来自Mobile Premier League、网易、Homa Games、摩根大通、Evercore和摩根士丹利，合计60多年游戏和金融经验。出发点是个人的经历：做手游时，知道广告支出的回报，但必须在“出售股权”和“不投入”之间选择，于是决定让用户群的收入本身变成可融资资产。
2025年3月完成380万美元种子轮，由Play Ventures和General Catalyst联合领投；到2025年12月承诺融资超2.5亿美元；2026年4月完成1050万美元A轮（由T-Accelerate Capital、Z Venture Capital和Drive by DraftKings领投），承诺融资升至7.5亿美元，并为Smash Games等开发商提供贷款。PvX的赌注是，获客回报可预测的公司无需稀释股权，可以通过群组收入分期偿还增长资本。
这件事要成立，得有什么
- 创始团队既懂游戏运营又懂金融工程，能够将“获客回报”量化为可承保资产，而不是凭猜测放贷。
- 同类群组融资解决了增长中最痛点的问题：当应用进入获客回报可预测的阶段时，最缺的是不稀释的增长资本。
- PvX Lambda利用行业数据作为基准和预测，将贷款决策从尽职调查压缩到24小时内出条款清单。
- 该类别已获同行验证：2026年出现类似玩家如土耳其的Leus Capital，表明这不是单一公司的运气。
可借鉴之处
金融化可预测的指标会创造新资本：先证明每用户的回报，再以此放贷。
后续进展
截至2026年4月27日，PvX Partners仍由三位创始人领导，总部设在新加坡，承诺获客融资超7.5亿美元；A轮资金正用于扩大团队和增加对PvX Lambda的投入，目标是在2026年内交易量翻两番；公司未披露盈亏情况，仍处于扩张阶段。
资料来源
- 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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