Cyprus-based publisher Malpa Games has reported a $3 million increase in cash reserves while expanding its user acquisition spending by 81 per cent, following a financing partnership with PvX Partners. The company said this arrangement enabled it to continue scaling its existing titles while also investing in new projects.
Founded in 2022, Malpa Games specialises in casual puzzle titles and supports developers with publishing and distribution initiatives. Its leading games, Word Search Sea and Word Pizza, have amassed more than 65 million downloads worldwide. Despite this success, the company said it faced a dilemma common to publishers: whether to allocate capital towards marketing existing games or expanding the portfolio.
With a growing number of developers seeking publishing support, Malpa Games said it was under pressure to make a quick decision. The company initially leaned towards investing in new projects, but recognised this could limit growth for its existing titles.
After a referral from the Mobile Finance Collective, Malpa Games explored user acquisition financing – funding specifically designed to support marketing expenditure. This approach, the company explained, offered the ability to balance both marketing scale and portfolio expansion without further equity dilution.
Chief executive Uladzimir Tsimashkou credited PvX Partners with enabling the business to pursue both objectives. “PvX Partners gave us the confidence and capital to stay aggressive with user acquisition on Word Spells. We had conviction on product-market fit, but without PvX, we couldn’t have scaled these games while also investing in new projects. Their financing enabled us to pursue both marketing scale and portfolio expansion simultaneously,” he said.
Following an application process, PvX Partners proposed a $20 million credit facility for Malpa Games, structured over a 12-month term. The facility allows Malpa to draw funds to cover up to 80 per cent of user acquisition campaigns across titles including Word Search Game, Word Pizza, and Word Spells.
The loan was structured as non-recourse, requiring no share or intellectual property pledges, and no floating charges on the company. Malpa Games said this design shared cohort risk between itself and PvX Partners, aligning incentives around performance.
On a monthly basis, PvX Partners funds part of Malpa’s marketing expenditure, with repayment made through a share of net revenues from newly acquired users. Malpa Games noted that the repayment mechanism is performance-based, with interest tied to the speed at which campaigns recoup their investment.
This approach, according to the company, ensures cash flows remain aligned with incoming revenues, reducing liquidity pressures. It also allows Malpa Games to expand marketing activity as long as campaigns remain profitable, while safeguarding budget for investment into new projects.
The company said the arrangement has already delivered measurable benefits. By using the facility to cover 80 per cent of marketing expenses over the past five months, Malpa Games conserved over $3 million in reserves while scaling its marketing spend by 81 per cent since January 2025.
Beyond strengthening its financial position, Malpa Games has used the financing partnership to support new development. The company confirmed that three additional titles have been initiated for publishing since the agreement began. Once these projects achieve stable profitability, Malpa Games said it intends to include them within the user acquisition funding portfolio, unlocking further growth potential.
For the publisher, the collaboration with PvX Partners demonstrates how alternative financing models can support both expansion and resilience in a competitive industry. By conserving cash reserves while simultaneously scaling marketing activity, Malpa Games said it has avoided the trade-offs that often challenge publishers seeking to grow.
The company’s flagship titles remain a focus, but management stressed that maintaining balance between proven performers and new projects is central to its strategy. The ability to draw on UA financing without sacrificing equity or pledging assets, it added, provides the flexibility to pursue growth while retaining control.
Malpa Games’ experience reflects wider industry trends, with developers and publishers increasingly exploring performance-based funding models to support user acquisition. For the company, the immediate gains in cash reserves and marketing reach illustrate the potential of such structures to fuel both financial stability and creative expansion.
Looking ahead, Malpa Games said its partnership with PvX Partners will continue to be instrumental in supporting growth. The company views the financing as a means to ensure that both established titles and new releases are well positioned to reach players worldwide, while maintaining the liquidity required to sustain further development.
