Alpaca, a fintech company that provides brokerage and trading infrastructure to crypto and financial platforms, has raised $150 million in Series D funding, lifting its valuation to $1.15 billion. The company also secured a $40 million line of credit, giving it additional flexibility as it expands its products and global reach.
The funding round was led by Drive Capital and drew participation from a mix of traditional financial institutions and crypto-focused investors. Backers included Citadel Securities, Opera Tech Ventures, the venture arm of BNP Paribas, DRW Venture Capital, Bank Muscat, and Kraken. Revolut chief technology officer Vlad Yatsenko joined the round as an angel investor.
Founded as a brokerage-as-a-service provider, Alpaca has grown into a key piece of infrastructure for companies looking to offer investing products without building regulated systems from scratch. Its APIs and self-clearing custody tools allow partners to offer trading in U.S. stocks and exchange-traded funds, both in traditional and tokenized form.
According to the company, Alpaca now supports around 300 organizations worldwide and underpins 94% of all tokenized U.S. equities and ETFs currently in circulation. Among its clients is Kraken, one of the largest global crypto exchanges, which uses Alpaca’s infrastructure to expand access to regulated financial products.
“Our mission is to open financial services to everyone on the planet,” said Alpaca CEO Yoshi Yokokawa.
He described the company’s goal as building a global standard for brokerage infrastructure that enables partners to bring investing tools to new markets more quickly. The latest funding, he added, allows Alpaca to accelerate development for both enterprise clients and individual traders.
The company said 2025 has been a “breakout year,” marked by a significant expansion of its product lineup. New offerings include multi-leg options trading, fully paid securities lending, fixed-income products, and extended U.S. stock trading hours available 24 hours a day, five days a week. These additions reflect growing demand from platforms that want to offer more sophisticated trading features without managing the regulatory and technical complexity themselves.
Alpaca has also positioned itself at the center of the growing market for tokenized real-world assets. At the TOKEN2049 conference in Singapore last year, the company introduced its Instant Tokenization Network, designed to help partners issue and manage tokenized versions of traditional securities more efficiently.
Launch partners for the initiative included the Solana Foundation and several real-world asset projects, such as Dinari, Ondo Finance, and xStocks. xStocks has since drawn attention after becoming a target for acquisition by Kraken, highlighting the increasing convergence between crypto-native platforms and traditional financial products.
The new funding arrives at a time when interest in tokenized equities and ETFs is rising, driven by efforts to make traditional assets more accessible, programmable, and globally tradable. By focusing on infrastructure rather than consumer-facing products, Alpaca has carved out a role as a behind-the-scenes provider supporting this shift.
Megha Bhattacharya
With a stronger balance sheet and an expanding client base, Alpaca appears set to deepen its role in both traditional brokerage services and the fast-developing tokenization sector. As financial institutions and crypto companies continue to explore hybrid models, demand for compliant, scalable infrastructure is likely to remain strong.
