Exclusive: How PvX Partners tackles the mobile app financing gap

Singapore-based PvX Partners is offering a new approach to funding growth for mobile gaming and consumer app companies worldwide.

The firm, co-founded by Joe Wadakethalakal, Ridzki Syahputera, and Zhen Jie Sim, offers user acquisition (UA) financing that aligns capital with projected marketing performance, enabling companies to scale without giving up equity.

Founders' journey

The three co-founders bring extensive experience in mobile gaming and technology.

Wadakethalakal, born in India and raised in Indonesia, was exposed to technology early through his mother, a tech entrepreneur. He studied mathematical economics and history in the US before working in investment banking at JP Morgan and private equity at ZM Capital, focusing on tech, media and telecom companies.

After returning to Southeast Asia, he founded two startups, including a digital media company, which he sold in 2018. He then joined Indian mobile gaming firm MPL as an early employee, ultimately becoming president.

Syahputera and Sim also bring years of operational experience in mobile gaming. Collectively, the team has spent five to ten years collaborating, giving them deep insight into the sector's challenges.

"We know the problem in this space, we know the solution that we wish we had, and that's essentially what we are building", said Wadakethalakal.

Data-driven finance

• PvX Partners offers UA financing, funding a portion of monthly marketing spend by assessing how past user cohorts perform, enabling decision-making that is less reliant on traditional metrics like EBITDA. 
• Funding eligibility is based on actual cohort performance and RoAS (Return on Ad Spend) thresholds, rather than on traditional metrics like EBITDA.

"We want to see that the profitability of your existing user base is strong, and we want to see that the return on ad spend looks good," said Wadakethalakal.

The model allows companies to scale without giving up equity or being constrained by conventional loan covenants, and, importantly, shares the risk with the company if performance falls short of expectations." If those users don't perform, we're willing to share that risk", said Wadakethalakal.

By pricing capital against the long-term value of new users, PvX can provide funding that helps the company grow not just its ad spend but also free up capital for other areas of its business, all while sharing some of the underlying risk.

Player versus X

The name PvX, short for "Player versus X," reflects the competitive reality of mobile gaming, where execution matters more than intellectual property and teams constantly face an ever-changing set of challenges.

"Building a mobile gaming company is, in my opinion, the hardest business; all the distribution channels are accessible to everybody else. So, where's the moat?" said Wadakethalakal.

PvX combines capital with operational intelligence, which helps founders optimise campaigns, monitor performance, and make informed decisions – ultimately helping the company strengthen its ability to execute, which allows for sustainable growth. "We really wanted the flexibility to not just deploy capital, but also really help the operations of these teams," he added.

Data at the core

The firm integrates directly into client databases, tracking campaign performance in real time.

"If your day one performance is dipping because you just increased daily spends, maybe consider tapering down, or the opposite, if performance is holding, spend more," said Wadakethalakal.

The platform also benchmarks performance across peers, platforms, and geographies, enabling management teams to audit and adjust their campaigns holistically. 

Forecasting is central to the model. Accurate predictions allow companies to calibrate ad spend and maximise enterprise value. "Having accurate forecasting that actually gives them good predictions is critical in terms of how you modulate your ad spend," said Wadakethalakal.

Growth strategy

PvX Partners plans to build on its current market position by expanding both its client base and the tools available.

"2026 is about doubling down on our core business, helping borrowers scale, and building tools for financial forecasting and optimising user acquisition spends," said Wadakethalakal.

The company is targeting a previously underserved financing gap, providing non-dilutive growth capital that scales flexibly as user acquisition campaigns demonstrate predictable performance. This allows mobile gaming and consumer app companies to fund growth in line with results, without sacrificing ownership or control.