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Fintech-focused VC firm QED Investors has closed two new funds with combined capital commitments of $925m (£745m).

Based in the US, QED Investors will deploy the capital raised for Fund VIII ($650m) and Growth II ($275m) towards fintech startups in the UK, Europe, US, Africa, Asia, and South America.

Both funds will target fintech companies in the early stages.

“QED has been working intentionally to achieve what we believe is threshold scale in terms of capital, team, skills and brand globally,” said QED Investors managing partner and co-founder Nigel Morris.

“We are proud to have a world-class team that combines proven operational DNA, experience through multiple economic cycles and the right decision-making frameworks for the current environment.

The VC said that with the addition of the almost $1bn in new investment funds, QED can bring the total amount of assets under its management to $4bn.

In recent years, QED has participated in major funding rounds for UK fintech companies, including Zopa, Payhawk, and Fidel API.

Morris added: “Growth at all costs will not win the day in this business cycle. Unit economics, product-market fit and clear paths to profitability are the keys to survival, and QED is uniquely positioned to support our companies with the best advice in fintech.

“We thank our returning LPs and we are grateful for the confidence shown in us by our new LPs. We’re excited to have the capital to build the next generation of great fintech companies over the coming cycle.”