Credit Karma's early supporter QED Investors, a venture capital firm focused on financial technology, has secured $925 million for two new funds. The Alexandria, Virginia-based company announced that it had closed on $275 million for a "early growth-stage fund" and $650 million for its early-stage fund. QED, which has also supported Klarna, Remitly, and Nubank, will keep making investments around the world. The company makes investments in the payment, lending, and cryptocurrency sectors.

Frank Rotman and Nigel Morris founded the company in 2007. Morris admitted in an interview that it's been difficult to watch fintech valuations fall. He claimed that the market has changed significantly from how it was two years ago. Morris, though, claimed that he observes stabilisation in the larger economy, leading him to conclude that the worst has passed. In terms of valuations, "we've reached a nadir," he declared.

With the fresh funds, QED will have $4 billion under management. The company has made investments in more than 200 businesses, 28 of which have raised capital with a value of over $1 billion. Many of them have been bought out or gone public. Intuit acquired Credit Karma in 2020 for $7.1 billion. In 2021, Nubank and Remitly went public.