QED Investors, the financial technology-focused venture firm that was an early backer of Credit Karma, has raised $925 million for two new funds.

The firm, based in Alexandria, Virginia, said it has closed on $650 million for its early stage fund and $275 million for what it calls an early growth-stage fund.

QED, which has also backed Klarna, Remitly and Nubank, will continue to invest globally. Categories that the firm invests in include payments, lending and crypto.

The firm was started in 2007 by Nigel Morris and Frank Rotman. In an interview, Morris acknowledged that it’s been tough watching fintech valuations collapse. “The market is really different to how it was two years ago,” he said.

Yet Morris said he sees stabilization in the broader economy, leading him to believe the worst is over. “We’ve reached a nadir in terms of valuations,” he said.

QED will have $4 billion under management with the new funds. The firm has invested in more than 200 companies, 28 of which have raised financing at valuations of more than $1 billion. Several of them have gotten acquired or gone public. Credit Karma was bought by Intuit in a $7.1 billion deal in 2020. Nubank and Remitly went public in 2021.

–By Katie Roof (Bloomberg)

–With assistance from Erik Schatzker (Bloomberg)