How is Fintech VC entering the Nigerian market?

Readen Holding Corporation's venture business has established a reputation with the acquisition of a controlling stake in Morrich Lottery, a fully licensed lottery operator operating in Nigeria.

The deal was announced on April 23 and is a significant milestone, as it marks Readen's entry into a new market and the online gaming industry. The financial terms of the acquisition were not disclosed, but Readen said it will own 80% of Morrich Lottery.

This is a more than significant stake, so the company's plans are becoming quite clear. Readen's usual area of investment is financial technology, including blockchain and cryptocurrency development. This is because the company's primary goal is to facilitate the development of solutions used for cryptocurrency payments.

The acquisition is essential for the company as it now holds licenses in Nigeria for lottery, bookmaking, and online casino operations. This was stated by its representatives, who also added that it intends to become a “major international force” in the country's regulated gaming, entertainment, and fintech infrastructure. The acquisition will help Readen Holding Corporation achieve its goal.

Readen also stated that entering the Nigerian market will give it access to a market worth approximately US$2.5 billion. This is equivalent to £1.88 billion and €2.20 billion. However, that is not all—according to forecasts, this market is expected to grow at an annual rate of 9% until 2030.

Readen has unveiled its roadmap and announced that the deal will include the deployment of specialized operating partners for lotteries, sports betting, and casinos. At the same time, Readen will retain complete control over the financial and technical infrastructure. The company plans to implement this through its Readies payment system.

Readen has a subsidiary, Finexeble, which holds a Czech license. It is responsible for managing hybrid payment solutions based on blockchain technology. Readies will be used on all Morrich platforms and will serve as the exclusive payment method. The platform will process not only cryptocurrency transactions but also transactions in fiat currencies.

Readen plans to update Morrich's current offerings with scratch cards, keno, and innovations primarily focused on mobile applications. The offerings will also include innovative games such as Plinko, which has quickly gained popularity in many countries in Africa and beyond. To start to play Plinko online, users will only need to select a suitable casino, register and fund their account.

Sports betting is being considered separately. Readen plans to launch a full-featured betting platform integrated with the Readies solution. Casinos and other online gambling entertainment will be rolled out in stages and will be subject to approval by local authorities.

Readen CEO Rydzki Berg says his company has acquired a strategic launch pad for one of the world's most dynamic gaming markets. This market can be considered key for three reasons: Nigeria's young population, the expansion of internet access, and growing interest in digital gaming.

The company is confident of success because it is leveraging a proven fintech foundation and experience that will enable it to operate across the region and set a new standard for integrated, secure, and user-friendly gaming platforms.