California-based brokerage infrastructure provider Alpaca has secured $150 million in Series D funding, propelling the company to a $1.15 billion valuation. The investment round was led by Drive Capital and saw participation from a diverse group of strategic backers, including Citadel Securities, Kraken, and BNP Paribas’ Opera Tech Ventures. This fresh capital, supplemented by a $40 million credit line, solidifies Alpaca’s position as a unicorn in the rapidly evolving financial technology sector.
Expanding the Foundations of Global Investing
Alpaca operates as a specialized "API-first" developer platform that allows businesses to embed stock, crypto, and fixed-income trading directly into their own applications. By managing the complex regulatory and technical backend of a broker-dealer, Alpaca enables over 300 organizations across 40 countries to offer seamless investment services. The company’s infrastructure currently supports more than 9 million brokerage accounts, more than doubling its year-over-year revenue in the process.
The Series D proceeds will be used to enhance this foundational layer for sophisticated financial institutions and institutional trading clients worldwide. Key initiatives include expanding local market presence and securing essential regulatory licenses in several new international jurisdictions. Drive Capital Co-Founder Chris Olsen, who will join Alpaca’s board, compared the firm’s impact on investing to the way Stripe and Plaid rewired global payments.
Innovation in Tokenization and Local Markets
The company has established a dominant lead in the convergence of traditional and on-chain finance, powering nearly 94% of all tokenized U.S. equities and ETFs. To support this momentum, Alpaca recently launched its Instant Tokenization Network at TOKEN2049, facilitating real-time asset digitization for various global partners. This technical bridge allows for the modern fractional ownership of assets that were previously inaccessible to many retail and institutional investors.
Alpaca is also tailoring its infrastructure to meet specific regional requirements, such as Shariah-compliant investing solutions for the Middle Eastern market. These localized offerings support national initiatives like Saudi Vision 2030 by aligning financial services with Islamic law while maintaining high-performance trading capabilities. The firm’s acquisition of India-based Zincmoney further highlights its commitment to capturing market share in high-growth corridors through regulated, local expertise.
Advancing Institutional-Grade Capabilities
During a breakout 2025, Alpaca significantly expanded its product suite to include multi-leg options, 24/5 U.S. stock trading, and fully paid securities lending. The platform also introduced High-Yield Cash through an interest-bearing sweep program to help partners maximize returns on idle balances. These advancements are reinforced by Alpaca’s status as a self-clearing broker-dealer with memberships in the Options Clearing Corporation and the Fixed Income Clearing Corporation.
The company continues to invest heavily in cybersecurity and platform resilience to support its growing base of enterprise-level clients. By providing a full-stack solution—from KYC-as-a-service to market data—Alpaca significantly reduces the barrier for any fintech to launch a world-class trading product. This end-to-end approach ensures that partners can focus on user experience while Alpaca handles the underlying complexity of global capital markets.
With a $1.15 billion valuation, Alpaca is successfully redefining how global investment infrastructure is built and delivered in a digital-native era. The successful funding round reflects deep institutional confidence in the company’s ability to bridge traditional finance with modern, on-chain ecosystems. Ultimately, Alpaca’s scalable APIs are democratizing access to financial markets, ensuring that sophisticated trading tools are available to everyone on the planet.