About Us

QED is the premier VC in the fintech space. We are operators well regarded for our expertise, engagement, and empathy. We invest in businesses that disrupt and empower.

2018
2019
2020
2021
2022

Our Story

QED was founded on the principles of bringing fairness, transparency, and access to financial services.

Innovation and Operation is in our DNA

The genius of Morris and Fairbank was to burrow deep into the spending habits and lifestyles of these so-called prime customers to find the better bets, then offer them various rates based on their various risks.

Bernard Condon, Forbes, 2001

1994

Nigel Morris (right) founded Capital One Financial with Rich Fairbank

2004

Nigel leaves Capital One after founding it and bringing it public

Coming to Life

After leaving Capital One, the one thing we knew was the industry was ripe for disruption. Many of the same factors that led to the success of Capital One led us to believe that financial services were evolving. There was immense opportunity to see that through.

Frank Rotman, Partner QED Investors

2007

Nigel, Frank and Caribou Honig found QED

2009

QED led Credit Karma’s Series A round

Building QED’s Foundation

The team spent the previous few years leaning into the space and going to school on venture. When I joined the team in 2014, we were building out the foundational team and strategy and were well on our way to being top tier investors. This set the stage for where we are today.

Bill Cilluffo, Partner, QED

2015

First investments in LatAm (Pitzi, NuBank, Guiabolso, Creditas)

2018

QED raises money from external investors for the first time since its inception

The Model is Working

An undeniable truth 13 years since our inception, we have the three solid pillars a cutting-edge VC firm needs – Capital, a phenomenal top-notch team of investors and a robust pipeline. The wind is at our back and we have never been more excited to continue to invest in the founders who are bringing transparency and fairness to financial services.

Nigel Morris, Co-Founder and Managing Partner, QED

2020

First dozen (a herd?) unicorns.

QED raises $350 M fund, the biggest fund to date, with most significant amount of external capital raised from top-tier LP base

QED expands to Asia

Credit Karma is acquired by Intuit for $7B.

$3.8

Billion Under Management

$662 Million invested

225

Portfolio Companies

24

Countries invested in

31

Unicorns

20

Investment Professionals

Feedback is very important to us at QED. That’s why we regularly 360 ourselves to learn how we can be the best partners to our portfolio companies. Some of this feedback is below.

The great thing about QED is that they deeply understand our business and are excellent thought partners. The team is happy to meet as frequently as we need and I've rarely done a meeting with anyone from the partnership where I didn't feel afterwards that I learnt something. They ask better questions than other VCs, have better insights and are more engaged in the details. The quality of advice is excellent and I would rate that aspect of our relationship as an A+. I could not be happier with them as thought partners on this journey.

QED has been extremely valuable to us in business development, playing a major role in helping us build our sales pipeline through warm introductions. The help has come from a number of different partners at QED - we truly do have access to the full team not just the partner who sits on our Board.

They have a unique ability to make me think even further about strategy and yet feel like they are a partner where I can discuss day to day matters. I appreciate their operative background since one of the team has been in my shoes before - as an entrepreneur or corporate employee. I always end any meeting with QED thinking and thinking about the conversation. They go to the fourth derivative, not only staying in the second. I really appreciate their candidness, personability and eagerness to help us entrepreneurs.

Frequently Asked Questions

Partnering with the right VC is a key part of your company's success. That's why we've collated these FAQs to help you learn more about QED.

What types of companies does QED invest in?

QED invests exclusively in fintech companies, from traditional banking products like credit and lending to insurance, wealth management, proptech and banking-as-a-service. QED also invests in embedded finance companies where a financial product is wrapped around a non-traditional finance company, such as shipping logistics.

What geographies does QED invest in?

QED invests globally, with portfolio companies in 20 different countries across five continents. QED has been investing in the U.S. since 2007, in Europe since 2012 and in Latin America since 2014. QED hired its first investment professional to focus on India and Asia in 2021 and for Africa the following year. QED is headquartered in Alexandria, Virginia, with investment team members in the U.S., England, Singapore, Mexico and Brazil.

What are the typical investment amounts?

Investments from the early stage fund have an average size of approximately $15 million, although typical initial checks are in the $3-10 million. QED anticipates investing in 12-15 companies a year. Growth Fund II will likely make 5-7 investments each year, with an average total investment size of $15-20 million.

Does QED invest in all stages?

QED invests in companies across their entire lifecycle from pre-seed to IPO. Initially, QED’s sweet spot was at the Series A stage. Over time, QED has evolved to support both earlier- and later-stage companies. In addition to supporting seed and pre-seed companies, QED also works with founders and entrepreneurs on formation stage businesses at the Powerpoint stage through its Belay and its Fontes by QED vehicles. Since 2021, QED has operated a growth-stage fund for “early-stage” growth companies. This affords QED the opportunity to double down on its breakthrough businesses while having optionality to invest in other companies that it may have missed the first time around.

How do I pitch QED?

You can contact us via the submission form below where you can share your pitch deck for review. All of our investment team members are on LinkedIn and several utilize other social media sites, such as X, formerly known as Twitter. The majority of our non-investing platform team members are also active on LinkedIn. You can also connect with our team members at many top fintech industry events and conferences, and you can sign up to our newsletter and networking mailing lists to learn more about when we are in your city.

What does QED look for in businesses and entrepreneurs?

We are looking for businesses and teams tackling real problems in financial services. We're not looking for companies that have a new technology and are looking to find a place to utilize it -- in other words, we're not looking for hammers searching for nails. We believe that durable, successful businesses are built on a strong foundation of unit economics. We also believe in building lasting relationships with founders and serving in a consigliere role with companies through thick and thin. We're incredibly hands on and we pride ourselves in proving the best advice in fintech because of our extensive operational background building financial services companies. If you are looking for a passive investor who contributes capital but then steps to the sidelines, we're likely not the right fit for your cap table.

When should I reach out to QED?

QED believes in the power of lasting relationships, many of which will be eight- or 10-year commitments. It is never too early to connect with the QED team, and we advise entrepreneurs to build relationships with our investors well before they are raising money.

What makes QED different?

The majority of QED’s investment team have built, scaled or exited financial technology companies. In total, the team has more than 250 combined years of operational experience. That experience provides valuable data points and pattern recognition that cannot be taught elsewhere and it allows our investors to give specific, nuanced advice. Building financial services companies are devilishly hard. There are many obstacles to overcome, from fraud, compliance and regulatory to unit economics, treasury and culture. QED helps entrepreneurs navigate these problems, often seeing around corners and identifying issues before they even arise.

How else does QED support its portfolio companies?

QED has built a preeminent platform in VC. It is hands-on when it comes to supporting and advising its portfolio companies, often serving in a consigliere role and as an extension of the leadership team. QED’s brand promise is to provide the best advice you can receive in fintech – it does this through a sole focus on fintech and by drawing on years of operational experience. In addition to the support you will receive directly through your deal champion, you will also have access to QED’s slate of resources, including other investment team members, operational support in PR and communications, professional services support in areas including compliance, B2B growth, coaching and org support, credit and analytics, and access to a boutique in-house executive search firm. QED also hosts a number of highly anticipated marquee events each year, including an annual three-day CEO Summit, a one-day Fontes Summit and a one-day Demo Day.

What types of companies does QED invest in?

QED invests exclusively in fintech companies, from traditional banking products like credit and lending to insurance, wealth management, proptech and banking-as-a-service. QED also invests in embedded finance companies where a financial product is wrapped around a non-traditional finance company, such as shipping logistics.

What geographies does QED invest in?

QED invests globally, with portfolio companies in 20 different countries across five continents. QED has been investing in the U.S. since 2007, in Europe since 2012 and in Latin America since 2014. QED hired its first investment professional to focus on India and Asia in 2021 and for Africa the following year. QED is headquartered in Alexandria, Virginia, with investment team members in the U.S., England, Singapore, Mexico and Brazil.

What are the typical investment amounts?

Investments from the early stage fund have an average size of approximately $15 million, although typical initial checks are in the $3-10 million. QED anticipates investing in 12-15 companies a year. Growth Fund II will likely make 5-7 investments each year, with an average total investment size of $15-20 million.

Does QED invest in all stages?

QED invests in companies across their entire lifecycle from pre-seed to IPO. Initially, QED’s sweet spot was at the Series A stage. Over time, QED has evolved to support both earlier- and later-stage companies. In addition to supporting seed and pre-seed companies, QED also works with founders and entrepreneurs on formation stage businesses at the Powerpoint stage through its Belay and its Fontes by QED vehicles. Since 2021, QED has operated a growth-stage fund for “early-stage” growth companies. This affords QED the opportunity to double down on its breakthrough businesses while having optionality to invest in other companies that it may have missed the first time around.

How do I pitch QED?

You can contact us via the submission form below where you can share your pitch deck for review. All of our investment team members are on LinkedIn and several utilize other social media sites, such as X, formerly known as Twitter. The majority of our non-investing platform team members are also active on LinkedIn. You can also connect with our team members at many top fintech industry events and conferences, and you can sign up to our newsletter and networking mailing lists to learn more about when we are in your city.

What does QED look for in businesses and entrepreneurs?

We are looking for businesses and teams tackling real problems in financial services. We're not looking for companies that have a new technology and are looking to find a place to utilize it -- in other words, we're not looking for hammers searching for nails. We believe that durable, successful businesses are built on a strong foundation of unit economics. We also believe in building lasting relationships with founders and serving in a consigliere role with companies through thick and thin. We're incredibly hands on and we pride ourselves in proving the best advice in fintech because of our extensive operational background building financial services companies. If you are looking for a passive investor who contributes capital but then steps to the sidelines, we're likely not the right fit for your cap table.

When should I reach out to QED?

QED believes in the power of lasting relationships, many of which will be eight- or 10-year commitments. It is never too early to connect with the QED team, and we advise entrepreneurs to build relationships with our investors well before they are raising money.

What makes QED different?

The majority of QED’s investment team have built, scaled or exited financial technology companies. In total, the team has more than 250 combined years of operational experience. That experience provides valuable data points and pattern recognition that cannot be taught elsewhere and it allows our investors to give specific, nuanced advice. Building financial services companies are devilishly hard. There are many obstacles to overcome, from fraud, compliance and regulatory to unit economics, treasury and culture. QED helps entrepreneurs navigate these problems, often seeing around corners and identifying issues before they even arise.

How else does QED support its portfolio companies?

QED has built a preeminent platform in VC. It is hands-on when it comes to supporting and advising its portfolio companies, often serving in a consigliere role and as an extension of the leadership team. QED’s brand promise is to provide the best advice you can receive in fintech – it does this through a sole focus on fintech and by drawing on years of operational experience. In addition to the support you will receive directly through your deal champion, you will also have access to QED’s slate of resources, including other investment team members, operational support in PR and communications, professional services support in areas including compliance, B2B growth, coaching and org support, credit and analytics, and access to a boutique in-house executive search firm. QED also hosts a number of highly anticipated marquee events each year, including an annual three-day CEO Summit, a one-day Fontes Summit and a one-day Demo Day.

Our Philosophy

On their own, small hurdles are often easy to overcome. But stacked together, many small hurdles can present an overwhelming challenge, even for the best founder. We call this .8^5. It’s our job to help companies improve their chances of success.

We have been told our portfolio company founders and CEOs “like to love” us. As consiglieres, we are happy to hear it. Learn more about our approach to partnering here.

Contact Us

It is never too early to begin building a relationship with us. If you would like to connect with a member of our team, please fill out the information below and we'll be sure it reaches the correct person.

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