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.

“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.