McLaren Technology to acquire substantial stake in Indian fintech firm

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McLaren Technology Acquisition Corp (MTAC) is looking forward to acquiring an significant stake in an Indian fintech firm, preferably having a valuation of USD 500 million to USD 2 billion.

Earlier this month, MTAC secured USD 201.25 million during its listing on Nasdaq to implement a merger, stock purchase, asset acquisition, capital stock exchange, reorganization, or similar business combination with one or more businesses.

Saja Pillai, MTAC chairman and CEO, said that they have confidence in the fintech movement worldwide as most unicorns have been formed in the artificial intelligence and fintech category in the last 5 years.

He further noted that the market value created in the last 2-3 years in the fintech space is around USD 5 trillion.

Until today, fintech is the largest category in the digital space for investing. The firm is currently looking out for a fintech company with an asset valuation of a minimum of USD 500 million and an upper limit of USD 2 billion.

MTAC is the 2nd Indian promoted special acquisition vehicle to be on Nasdaq listing. The company in which MTAC will invest in will be listed on Nasdaq from the very first day, he said.

According to Mr. Pillai, fintech is at the front end, which is the consumer or retail fintech where leasing, loan, and BNPL (buy now pay later) happens.

Second comes wealth fintech, followed by mid-core fintech, major core fintech, banking tech, and institution fintech. He said that MTAC is looking at the fintech that functions in all these fintech ladders.

The only other country with which the fintech scale of India can be compared is China. However, very few players wish to go and invest in the Chinese fintech companies owing to the current ongoing situation. Hence, there are multiple opportunities for MTAC, said Mr. Pillai.

Source Credit - https://www.business-standard.com/article/pti-stories/mclaren-technology-acquisition-corp-plans-to-acquire-significant-stake-in-indian-fintech-firm-121112100495_1.html