Alpaca raises $150 million Series D at $1.15 billion valuation

Alpaca, a middleware brokerage infrastructure provider serving around 300 clients including Kraken, has raised $150 million in Series D financing and secured an additional $40 million credit facility, pushing its valuation to $1.15 billion.

The round was led by Drive Capital, with participation from Citadel Securities, Opera Tech Ventures (BNP Paribas), DRW Venture Capital, Bank Muscat, Kraken, and other investors. Revolut CTO Vlad Yatsenko also joined as an angel investor.

Alpaca says it now powers 94% of all tokenized U.S. equities and ETFs, providing embedded brokerage services, APIs, and self-clearing custody solutions to hundreds of organizations. In 2025, which the company described as a “breakout year,” Alpaca significantly expanded its product suite to include multi-leg options, fully paid securities lending, fixed-income products, and 24/5 U.S. stock trading.

The company also launched its Instant Tokenization Network at TOKEN2049 Singapore, partnering with the Solana Foundation and major real-world asset projects such as Dinari, Ondo Finance, and xStocks.