Fintech-focused SPAC McLaren Technology Acquisition files for a $200 million IPO

McLaren Technology Acquisition, a blank check company targeting FinTech and InsurTech, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Irvine, CA-based company filed to raise $200 million by offering 20 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $250 million. 

McLaren Technology Acquisition is led by CEO and Chairman Sajan Pillai?, General Partner of family office Season Two Ventures and former CEO of UST Global, President and Director John Vilina, General Partner of Season Two Ventures, and CFO Rajeev Nair, President of Techurate USA. The company aims to leverage management's experience to target banking, financial services, and insurance businesses using AI, machine learning, and technology with enterprise values between $600 million and $2 billion. 

The company was founded in 2021 and plans to list on the Nasdaq under the symbol MLAIU. McLaren Technology Acquisition filed confidentially on April 28, 2021. Mizuho Securities is the sole bookrunner on the deal.