Alpaca closed a $150 million Series D round, pushing
the brokerage infrastructure provider to a $1.15 billion valuation. Drive Capital led the deal, and Co‑Founder and Partner
Chris Olsen will reportedly take a seat on Alpaca’s board.
The company also arranged a $40
million line of credit to bolster its balance sheet as it scales. The firm operates as a brokerage infrastructure
provider, offering APIs and self‑clearing custody that support stocks, ETFs,
options, crypto and fixed income products.
Funding Round Draws Top Fintech Investors
Alpaca says it now works with more than 300
organizations in over 40 countries and supports millions of brokerage accounts
at financial institutions and fintechs.
“This new capital will be used to continue supporting our partners and traders by strengthening Alpaca’s global investment infrastructure, expanding and enhancing our existing offerings, securing regulatory licenses in key jurisdictions, and continuing to bridge traditional and decentralized financial systems,” said, Yoshi Yokokawa, the Co-Founder and CEO at Alpaca.
The round brought in a wide mix of new institutional
and strategic investors. Participants include Citadel Securities, Opera Tech
Ventures of BNP Paribas, MUFG Innovation Partners, Flat Capital, DRW Venture
Capital, Kraken, Altered Capital, X&KSK, Bank Muscat and Endeavor Catalyst.
Existing backers such as Portage, Horizons Ventures,
Social Leverage, Unbound, Diagram and Derayah Financial reportedly returned to
the cap table, alongside angel investor Vlad Yatsenko, CTO of Revolut.
Alpaca described the funding as “very oversubscribed,”
signalling strong demand for exposure to its infrastructure‑driven model.
It reported that its technology powered 94% of all
tokenized U.S. equities and ETFs referenced in its tokenization report,
underlining its role in connecting fiat markets with on‑chain rails. The firm
reports that this momentum helped more than double its revenue year over year.
In 2025, the company rolled out multi‑leg options,
fully paid securities lending, fixed income products and 24/5 U.S. stock
trading.
Tokenization, New Products and Revenue Growth
It also launched a High‑Yield Cash product via an
interest‑bearing sweep program and unveiled its Instant Tokenization Network with partners including xStocks, Dinari, Ondo Finance and
The Solana Foundation.
On the market structure side, Alpaca expanded its
regulatory and clearing footprint by securing memberships at OCC and FICC and
becoming a Nasdaq Exchange member. The firm also introduced embeddable
Shariah‑compliant investing tools across savings accounts, options and instant
funding.
Alpaca plans to deploy the proceeds to strengthen its
global investment infrastructure and deepen support for financial institutions
and institutional trading clients.
The company also aims to invest in bridging traditional
and decentralized financial systems, including tokenization initiatives, while
reinforcing cybersecurity and platform resilience.
This article was written by Jared Kirui at www.financemagnates.com.
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