SAN MATEO, CALIF. -- Alpaca, a global leader in brokerage infrastructure whose APIs empower partners like Kraken, SBI Securities, and Dime!, announced it has raised a $150 million Series D led by Drive Capital that values the company at $1.15 billion. Drive Capital’s Co-Founder and Partner, Chris Olsen, will join Alpaca’s Board of Directors as part of the investment. The company also secured a $40 million line of credit, further strengthening its balance sheet as it continues to expand globally.

“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. This raise gives us the fuel to deliver more faster to both our enterprise partners and active traders globally.”

Alpaca’s scalable APIs and self-clearing custody enable global access to stocks, ETFs, options, crypto and fixed income products. Today, Alpaca has partnered with over 300 organizations in more than 40 countries — supporting millions of brokerage accounts at leading financial institutions and fintechs. Late last year, Alpaca revealed that it had powered 94% of all tokenized U.S. equities and ETFs in its tokenization report, underscoring its central role in the convergence of fiat and on-chain rails. That momentum has translated into strong business performance, with the company more than doubling its year-over-year revenue.

In addition to Drive Capital, participants in the round included Citadel Securities; Opera Tech Ventures (VC arm of BNP Paribas); MUFG Innovation Partners; Flat Capital (with Sebastian Siemiatkowski, CEO of Klarna, as controlling UBO and Chairman); DRW Venture Capital; Kraken; Altered Capital, a leading Australasian venture capital and private equity manager; X&KSK, the firm launched by Japanese soccer legend and technology investor, Keisuke Honda; Bank Muscat in the Middle East; and the global investment fund of Endeavor, Endeavor Catalyst. Returning investors include Portage, Horizons Ventures, Social Leverage, Unbound, Diagram, and Derayah Financial, whose continued participation signals long-term conviction in Alpaca’s trajectory. The round also includes angel investor participation from Revolut’s CTO, Vlad Yatsenko.

“Some of the most transformative companies in technology are the ones behind the scenes powering entire industries,” said Olsen, Co-Founder and Partner of Drive Capital. “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.”

Alpaca intends to deploy the proceeds to further strengthen its global investment infrastructure in support of sophisticated financial institutions and institutional trading clients worldwide. In parallel with expanding and enhancing its existing asset offerings, the company is establishing local market presence and securing regulatory licenses in key jurisdictions, advancing institutional-grade trading capabilities, bridging traditional and on-chain financial ecosystems, and reinforcing cybersecurity and platform resilience. These initiatives underscore Alpaca’s commitment to maintaining its leadership role in the ongoing modernization of global capital markets.

2025 was a breakout year for Alpaca. The company dramatically expanded its product suite with multi-leg options, fully paid securities lending, fixed-income, and 24/5 U.S. stock trading. Alpaca introduced High-Yield Cash through an interest-bearing sweep program, and announced its Instant Tokenization Network at TOKEN2049 Singapore with launch partners including xStocks, Dinari, Ondo Finance, and The Solana Foundation. The company expanded its regulatory and clearing footprint by securing OCC and FICC memberships. Alpaca also became a Nasdaq Exchange Member and added support for embeddable Shariah-compliant investing solutions across savings accounts, options, and instant funding.