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September 15, 2025

QED Investors promotes Victoria Zuo to partner

ALEXANDRIA, Va. (Sept. 15, 2025) -- Leading global fintech venture capital firm QED Investors announced today that it has promoted Victoria Zuo from principal to partner.

Based in San Francisco, Victoria is part of the early stage domestic team with a focus on fintech investments and is one of 20 investment professionals at QED.

“Over the past three years, Victoria has progressed from a rising star to a well-respected leader within our team,” said QED Managing Partner and Co-Founder Nigel Morris. “She has anchored our presence in the Bay Area admirably, enhancing the QED brand and cultivating an impressive network of fintech entrepreneurs, finance leaders and investors. She has also played a meaningful advisory role to our portfolio company CEOs as a consigliere, thought partner and a board member.

“Victoria is a non-consensus thinker and she has a wonderful ability to develop investment hypotheses, hunt for opportunities and build conviction.”

Victoria is the deal champion for a number of QED investments including e-commerce company Fermàt, healthtech company XP Health, banking infrastructure business Astrada, D2C integrated commerce company Aghanim, mobile wallets platform Badge and AI financial operations company Lorikeet.

Victoria joined QED in May 2022. Prior to joining QED, she helped lead fintech investing at Gradient Ventures, Google’s early stage venture fund, where she worked with founders building the next generation of fintech and commerce tech in categories like insurance, e-commerce, application software transaction processing and core fintech infrastructure.

“I’ve always believed that financial services are one of the most powerful levers to change people’s lives,” Zuo said. “At QED, I’m fortunate to partner with founders who are tackling hard problems across fintech and beyond, from commerce enablement and the CFO suite to AI applications for financial services. Being on the ground in San Francisco has given me a front-row seat to the next wave of innovation, and I’m excited to keep working with bold entrepreneurs who are building companies that matter.”

Victoria started her career in tech M&A at Qatalyst Partners, advising founders in their sell-side processes on more than $20 billion in M&A transactions.

Victoria received her B.A. and M.S. in economics and engineering at Stanford University. Prior to college, Victoria was born and raised in Nanjing, China.

Contact

Ashley Marshall
Director, PR and Communications, QED Investors
(518) 577-9984

ALEXANDRIA, Va. (Sept. 15, 2025) -- Leading global fintech venture capital firm QED Investors announced today that it has promoted Victoria Zuo from principal to partner.

Based in San Francisco, Victoria is part of the early stage domestic team with a focus on fintech investments and is one of 20 investment professionals at QED.

“Over the past three years, Victoria has progressed from a rising star to a well-respected leader within our team,” said QED Managing Partner and Co-Founder Nigel Morris. “She has anchored our presence in the Bay Area admirably, enhancing the QED brand and cultivating an impressive network of fintech entrepreneurs, finance leaders and investors. She has also played a meaningful advisory role to our portfolio company CEOs as a consigliere, thought partner and a board member.

“Victoria is a non-consensus thinker and she has a wonderful ability to develop investment hypotheses, hunt for opportunities and build conviction.”

Victoria is the deal champion for a number of QED investments including e-commerce company Fermàt, healthtech company XP Health, banking infrastructure business Astrada, D2C integrated commerce company Aghanim, mobile wallets platform Badge and AI financial operations company Lorikeet.

Victoria joined QED in May 2022. Prior to joining QED, she helped lead fintech investing at Gradient Ventures, Google’s early stage venture fund, where she worked with founders building the next generation of fintech and commerce tech in categories like insurance, e-commerce, application software transaction processing and core fintech infrastructure.

“I’ve always believed that financial services are one of the most powerful levers to change people’s lives,” Zuo said. “At QED, I’m fortunate to partner with founders who are tackling hard problems across fintech and beyond, from commerce enablement and the CFO suite to AI applications for financial services. Being on the ground in San Francisco has given me a front-row seat to the next wave of innovation, and I’m excited to keep working with bold entrepreneurs who are building companies that matter.”

Victoria started her career in tech M&A at Qatalyst Partners, advising founders in their sell-side processes on more than $20 billion in M&A transactions.

Victoria received her B.A. and M.S. in economics and engineering at Stanford University. Prior to college, Victoria was born and raised in Nanjing, China.

Contact

Ashley Marshall
Director, PR and Communications, QED Investors
(518) 577-9984

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01

Settlement Collapse

Value transfer moves from days - corresponding banking, T+1 securities - to seconds. Working capital tied up in float is released.

02

Cost Collapse

Marginal transaction cost approaches zero: fractions of a cent, versus 1-6% on card and corresponding rails.

03

Programmability

Money becomes an object that carries logic - escrow, splits, rebates, compliance - executed by code, not back offices.

Pure infrastructure with no revenue accrual

Layer-1 chains and general-purpose middleware — outside our circle of competence and typically outside our stage.

Speculative asset creation

NFT platforms, memecoins, prediction markets styled as products — mapping to none of the five functions; structurally uninvestable for us.

Three structural truths cut across all five functions.

(a)

Regulated-first wins

The 2020/21 cycle proved permissionless purity does not survive contact with real financial regulation. GENIUS, MiCA, CLARITY and the UK/Singapore regimes are producing founders who start from “how do we get licensed” and build backwards — precisely the founder profile QED has always preferred.
(b)

Incumbents upgraded, not disintermediated

JPMorgan, Citi, Bank of America and Wells Fargo are jointly building a tokenized-deposit network; Visa launched a stablecoin platform in July 2026; 140+ businesses signed an open stablecoin standard. Banks migrate — and new-generation infrastructure companies own the picks and shovels of that migration.
(c)

Emerging markets feel it first

Every function improves most where the fiat experience is worst: cross-border payments, dollar access, investment product availability, working-capital finance. Those are exactly the geographies where QED has fintech ventures’ deepest footprint. Our geographic distribution is not incidental to the tokenization thesis — it is the thesis.

Trade & working-capital finance

Finkargo( LatAm import finance) and OatFi(B2B working-capital infrastructure) sit directly on flows whose logical settlement layer is stablecoin.

Collateralized digital-asset lending

Tokenized Treasuries, equities and stablecoin holdings as instant, programmable collateral.

On-chain private credt

Maple, Centrifuge and emerging institutional protocols - credit funds migrating to programmable rails.

Why QED is advanced

Credit is QED's craft: distinguishing lending businesses from fintechs pretending to be one, charge-offs earned from charge-offs deferred. On-chain credit is a straight-line extension, not a stretch.