This paper develops a novel approach to functorial quantum field theories (FQFTs) in the context of Lorentzian geometry. The key challenge is that globally hyperbolic Lorentzian bordisms between two Cauchy surfaces cannot change the topology of the Cauchy surface. This is addressed and solved by introducing a more flexible concept of bordisms which provide morphisms from tuples of causally disjoint partial Cauchy surfaces to a later-in-time full Cauchy surface. They assemble into a globally hyperbolic Lorentzian bordism pseudo-operad, generalizing the geometric bordism pseudo-categories of Stolz and Teichner. The associated FQFTs are defined as pseudo-multifunctors into a symmetric monoidal category of unital associative algebras. The main result of this paper is an equivalence theorem between such globally hyperbolic Lorentzian FQFTs and algebraic quantum field theories (AQFTs), both subject to the time-slice axiom and a mild descent condition called additivity.