A fund that targets up-and-coming technology companies has invested almost $40 million of the $200 million it has collected from a slew of financial institutions.

Since April, San Francisco-based Financial Technology Ventures has assembled a portfolio of nine technology companies that focus on financial services. Its mandate is to invest in fledgling companies that may prove to be useful suppliers to the fund's participants, which include half of the top 20 banks in the United States.

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