Swedish venture capital (VC) firm Wellstreet has launched a new fintech fund with an expected capital of around $40m.

The fund is supported Nordic banks and fintech companies such as Handelsbanken, Swedbank, Northmill, Avanza, Collector, Resurs and Klarna.

According to Wellstreet, the fund will be used to make up to 20 investments in early stage B2B service and infrastructure technology providers in a bid to improve efficiencies throughout the global finance and banking ecosystem.

Wellstreet, founded by former Klarna executive Mikael Wintzell, said that the fintech fund is second for the company.

It will be managed by Armando Coppola, partner and fund manager at Wellstreet.

Coppola said: “Banking is among the most highly regulated industries in the world, and as a result, it has been unable to evolve at the same pace as its less-regulated fintech peers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Still, banking remains the backbone of the entire global financial system, so its inefficiencies ultimately affect all the other parts of the value chain.

“The main objective of the Fintech Fund is to help banks and other financial institutions adapt to new market standards and become more efficient, and we believe we will achieve this by investing in and nurturing the fast-developing technologies and startups whose solutions address the challenges of our existing financial infrastructure.”

The companies that will receive the funding will also receive guidance from Fintech Loft and credit from Amazon Web Services to fuel product development.