Alpaca, a brokerage infrastructure provider whose APIs are used by partners including Kraken, SBI Securities, and Dime!, has raised a $150 million Series D at a $1.15 billion valuation. The round was led by Drive Capital, and Drive Capital co-founder and partner Chris Olsen will join Alpaca’s board as part of the financing. Investors participating in the Series D included Citadel Securities; Opera Tech Ventures, the venture arm of BNP Paribas; MUFG Innovation Partners; Flat Capital; DRW Venture Capital; Kraken; Altered Capital; X&KSK; Bank Muscat; and Endeavor Catalyst, among others. Returning backers included Portage, Horizons Ventures, Social Leverage, Unbound, Diagram, and Derayah Financial, while Revolut CTO Vlad Yatsenko also participated as an angel investor.
Alongside the equity raise, Alpaca also secured a $40 million line of credit, which the company said further strengthens its balance sheet as it expands internationally.
Alpaca provides brokerage infrastructure through APIs and a self-clearing custody model, enabling access to stocks, ETFs, options, and fixed income products. The company said it now works with more than 300 organizations across 40-plus countries and supports millions of brokerage accounts, with revenue more than doubling year over year.
The company said it plans to use the proceeds to expand its global investment infrastructure for financial institutions and institutional trading clients, including establishing local presence and regulatory licenses in key jurisdictions, building institutional-grade trading capabilities, connecting traditional and on-chain financial ecosystems, and strengthening cybersecurity and platform resilience.
Alpaca also pointed to a significant product expansion in 2025, citing launches and enhancements such as multi-leg options, fully paid securities lending, fixed income, and 24/5 U.S. stock trading, as well as High-Yield Cash via an interest-bearing sweep program. The company said it expanded its regulatory and clearing footprint by securing OCC and FICC memberships and becoming a Nasdaq Exchange Member, and it added support for embeddable Shariah-compliant investing solutions across savings accounts, options, and instant funding. Alpaca noted it does not make any representation that its products or services are Shariah-compliant.
Alpaca is headquartered in the U.S. and operates through its broker-dealer subsidiary, Alpaca Securities LLC, a FINRA/SIPC member, while parent company AlpacaDB, Inc. provides services and technology supporting its brokerage infrastructure API.
KEY QUOTES:
“Our mission is to open financial services to everyone on the planet. We’re proud to contribute to Saudi Vision 2030 by building the global standard for brokerage infrastructure, including infrastructure that enables Shariah-compliant investing, empowering partners to build financial services that align with Islamic law. This raise gives us the fuel we need to continue delivering infrastructure that serves our global enterprise partners and active traders.”
Yoshi Yokokawa, Co-Founder and CEO, Alpaca
“Some of the most transformative companies in technology are the ones behind the scenes powering entire industries. Just as Stripe and Plaid rewired payments and financial data pipes, Alpaca is redefining how global investing infrastructure works. They’re building the foundational layer that modern financial institutions will depend on for the next decade.”
Chris Olsen, Co-Founder and Partner, Drive Capital
“Alpaca’s infrastructure has been a core pillar to Sarwa’s expansion since 2021. Our partnership allowed us to connect global markets and MENA investors. By integrating with their APIs, we’ve become a comprehensive investment powerhouse. Stocks, ETFs, bonds, and so much more. We became Alpaca’s first partner to offer options trading globally. Our mission is to democratize investing for our community. We’re proud to grow with a partner who shares our obsession with transparency and innovation.”
Mark Chahwan, Co-Founder and Group CEO, Sarwa
