Swedish venture capital firm Wellstreet has pulled together a host of leading Nordic bankers and fintech players for a new $40 million fintech fund.
Wellstreet, which was founded by former Klarna executive Mikael Wintzell, says that the fund will look to make up to 20 investments in early stage B2B service and infrastructure technology providers. Executives from Avanza, Collector, Handelsbanken, Swedbank, Northmill, Resurs and Klarna hare backing the fund, Wellstreet's second.
All startups that receive investment from the fund will automatically become part of the Fintech Loft, which will provide them with mentoring and coaching as well as credits from AWS to accelerate product development. With a global network of partners including banks and accelerators, Wellstreet also offers portfolio companies access to space in over 40 locations around the world.
Armando Coppola, partner and fund manager, Wellstreet, says: “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.”