World Chess Secures €6 Million Loan Facility for Expansion of Online Chess Platform

World Chess, a London-based chess gaming and entertainment company, has made a strategic move to secure additional funding for its subsidiary WCE. The company announced a €6 million loan facility with an existing shareholder, which can be drawn down and repaid in trenches, carrying a 4% interest rate and due in full by December 31, 2025.

The initial tranche of the loan will be used to refinance an existing short-term loan, with the remaining funds allocated as additional working capital for an expanded marketing program for chessarena.com, World Chess’ online chess gaming platform. Ilya Merenzon, CEO of World Chess, expressed excitement about the growth potential this funding provides for their flagship digital product.

World Chess is the exclusive operator of chessarena.com, the official gaming platform of FIDE – the World Chess Federation. This platform allows paid members to receive an online rating recognized by FIDE, making it a key player in the global chess market. With the rapid growth of online chess and the increasing popularity of esports, this funding comes at a crucial time for World Chess to capitalize on the momentum and establish chessarena.com as the leading global platform for chess players, clubs, and enthusiasts.

The move to secure additional funding aligns with World Chess’ forecasted revenue growth and the optimistic target price set by broker Allenby Capital. With the global chess market projected to grow significantly in the coming years, World Chess is well-positioned to take advantage of this growth and solidify its presence in the online chess space.

As the world of chess continues to evolve and gain popularity, World Chess’ strategic decision to secure additional funding highlights their commitment to innovation and growth in the industry. Stay tuned for more updates on World Chess and their exciting developments in the world of online chess gaming.