The Singapore fintech financing app growth against the users you've already proven - no equity, no EBITDA test.
PvX Partners. The mark of a firm rewriting how mobile games and consumer apps pay for growth - Singapore, 2024.
Every mobile game and consumer app runs on the same equation: spend money to acquire users, earn it back as those users play and pay. The math can be excellent. The financing around it usually is not. Banks want EBITDA and hard assets. Venture investors want equity. Neither question fits a studio whose growth lives and dies by return on ad spend.
PvX Partners, founded in Singapore in 2024, was built to answer a different question - not "what are you worth?" but "how do your user cohorts pay back?" Its financing funds a portion of a company's monthly user-acquisition spend based on the historical performance of the cohorts it has already acquired. As those cohorts prove out, the budget can grow. If day-one metrics slip after a spend increase, it tapers. The capital carries its own discipline.
The result is what the firm calls non-dilutive UA financing: growth money that isn't a loan against the balance sheet and isn't a sale of ownership. Founders keep their equity and their control while scaling marketing - in some cases up to around $25 million a year. Crucially, PvX shares the downside: if funded cohorts underperform, PvX's own return drops with them.
That alignment is the point. "We know the problem in this space, we know the solution that we wish we had, and that's essentially what we are building," says co-founder and CEO Joe Wadakethalakal - a former J.P. Morgan banker who went on to help run Indian gaming firm MPL before starting PvX with Ridzki Syahputera and Zhen Jie Sim.
PvX plugs into a client's data, reads cohort performance, and prices capital to it - then keeps adjusting as the numbers move.
PvX connects directly into client databases to see campaign and cohort performance in real time.
Eligibility rests on cohort profitability and return-on-ad-spend thresholds, not EBITDA.
The Lambda platform benchmarks results across peers, platforms and geographies to forecast outcomes.
Marketing budgets rise as cohorts pay back and taper when metrics dip - with PvX sharing downside risk.
User-acquisition / cohort financing that funds monthly marketing spend against proven cohort performance, letting apps scale without giving up equity.
A proprietary machine-learning underwriting platform and database that evaluates candidates against industry trends and forecasts future cohort outcomes.
Real-time benchmarking tools that track campaign performance and compare results across peers, platforms and regions.
Traditional lenders underwrite on financial metrics that ignore how UA-driven apps actually grow. PvX prices to cohort returns.
Founders scale marketing without selling ownership, avoiding the dilution that funding growth through equity requires.
If funded cohorts underperform, PvX's return falls too - incentives sit on the same side of the table.
PvX sits in the fast-emerging category of UA / cohort financing alongside players such as Leus Capital, competing with venture debt, revenue-based financing and equity for the growth budgets of gaming and consumer apps.
14+ years across investment banking (J.P. Morgan), private equity and entrepreneurship; former president of gaming firm MPL.
Part of a founding team carrying deep operating experience across mobile gaming and consumer apps.
Co-founder helping build PvX's data-driven approach to underwriting and cohort intelligence.
Joe Wadakethalakal, Ridzki Syahputera and Zhen Jie Sim launch in Singapore to close the app financing gap.
Play Ventures and General Catalyst co-lead, with angels including Michail Katkoff and Matej Lancaric.
PvX surpasses $250M in committed UA financing with General Catalyst and raises a $4.7M seed extension.
T-Accelerate Capital leads, with Z Venture Capital and Drive by DraftKings, funding Lambda and a 4x deal-volume goal.
PvX triples its committed-financing mark as UA financing goes mainstream.