Alpaca, a San Mateo-based provider of brokerage infrastructure APIs, has raised a $150 million Series D round, valuing the company at $1.15 billion. The financing also includes a $40 million line of credit, strengthening Alpaca’s balance sheet as it expands its global regulatory and trading infrastructure. As part of the round, Drive Capital co-founder and partner Chris Olsen will join Alpaca’s board of directors.
The new capital will support Alpaca’s continued push to build global brokerage infrastructure for financial institutions and fintech platforms. With revenue more than doubling year over year, more than 300 partner organizations across 40+ countries, and over 9 million brokerage accounts powered, Alpaca is emerging as a foundational layer for firms looking to offer investing capabilities without building their own broker-dealer and clearing operations.
The Round
The Series D was led by Drive Capital and attracted a wide group of strategic and financial investors spanning banks, trading firms, and fintech platforms. Participants included Citadel Securities, Opera Tech Ventures (BNP Paribas), MUFG Innovation Partners, Flat Capital, DRW Venture Capital, Kraken, Altered Capital, X&KSK, Bank Muscat, and Endeavor Catalyst. Existing investors—including Portage, Horizons Ventures, Social Leverage, Unbound, Diagram, and Derayah Financial—also participated, alongside angel investor Vlad Yatsenko, CTO of Revolut.
The investor mix reflects Alpaca’s growing role as neutral market infrastructure rather than a single product fintech company. As Drive Capital’s Chris Olsen noted, “Some of the most transformative companies in technology are the ones behind the scenes powering entire industries… Alpaca is redefining how global investing infrastructure works.”
What Alpaca Does
“Our mission is to open financial services to everyone on the planet,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “We are building the global standard for brokerage infrastructure so our partners can bring investing to more people.”
Founded in 2015, Alpaca provides API-driven brokerage infrastructure that allows banks, fintech companies, and institutional platforms to launch investing products without building broker-dealer and clearing operations from scratch. Through its platform, partners can provide access to stocks, ETFs, options, crypto assets, and fixed income products while relying on Alpaca’s integrated execution, custody, and compliance infrastructure.
The company operates as a self-clearing broker-dealer, giving it direct control over clearing, custody, and risk management. This infrastructure-first model positions Alpaca as a foundational service provider for institutions that want to embed investing features into their products while avoiding the complexity of operating regulated brokerage systems internally.
Why Brokerage Infrastructure Matters
Over the past decade, financial services have increasingly shifted toward infrastructure platforms that power multiple downstream applications. Payments and financial data followed this path first, with companies such as Stripe and Plaid providing the underlying rails for thousands of applications.
Brokerage infrastructure is now undergoing a similar transformation. As regulatory complexity and operational costs increase, many financial institutions prefer to integrate with existing market infrastructure rather than build their own trading and clearing stacks. Alpaca’s platform allows institutions to plug directly into U.S. capital markets while outsourcing much of the operational complexity required to support brokerage services.
Growth and Traction
Alpaca’s infrastructure now supports more than 300 organizations across over 40 countries, powering more than 9 million brokerage accounts globally. The company reports that revenue has more than doubled year over year, reflecting growing demand from both fintech platforms and institutional partners seeking turnkey access to U.S. markets.
The company has also expanded its product capabilities, adding multi-leg options trading, fully paid securities lending, fixed-income products, 24/5 U.S. equity trading, and high-yield cash sweep programs. Alpaca reported that it powered 94% of tokenized U.S. equities and ETFs, highlighting its role in bridging traditional financial markets with emerging on-chain infrastructure.
Regulatory expansion has been another key milestone. Alpaca has secured OCC and FICC memberships and is now a Nasdaq Exchange Member, strengthening its position as institutional-grade market infrastructure rather than a lightweight API provider.
Why Zillionize Invested
Zillionize sees Alpaca as part of a broader shift toward infrastructure-driven financial services, where specialized platforms provide the core rails for an expanding ecosystem of financial applications. By offering integrated brokerage, clearing, and compliance infrastructure, Alpaca enables banks and fintech platforms to launch investing capabilities more quickly while navigating increasingly complex regulatory environments.
With strong revenue growth, expanding global partnerships, and a diversified base of strategic investors, Alpaca is positioned to play a central role in the modernization of brokerage infrastructure. As cross-border investing and embedded finance continue to grow, platforms that provide reliable, scalable market access are likely to become increasingly essential to the financial ecosystem.