California-based McLaren Technology Acquisition Corp is looking to acquire a significant stake in an Indian fintech company, preferably having a valuation in the range of USD 500 million to USD 2 billion, media reported.

McLaren Tech raised USD 201.25 million or about Rs 1,500 crore during its Nasdaq listing early this month to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

McLaren Technology Acquisition Corp (MTAC) chairman and CEO Saja Pillai told PTI that he believes there is a fintech movement worldwide as most of the unicorns have been created in the fintech and artificial intelligence category in the last five years.

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“If you look at the market value that has been created in the fintech space in the last 2-3 years, it is close to USD 5 trillion. By far, fintech is the largest category in the digital category to invest. We are looking for a fintech company which has a minimum asset valuation in the range of USD 500 million and upper limit of USD 2 billion,” Pillai said.