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 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.
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.
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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.
Alpaca says 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 at TOKEN2049 Singapore 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 will also invest in bridging traditional and decentralized financial systems, including tokenization initiatives, while reinforcing cybersecurity and platform resilience.
