Critical tokenization infrastructure provider Alpaca raises $150 million Series D, pushing valuation to $1.15 billion

Alpaca, a mature fintech startup that provides brokerage infrastructure for many notable crypto businesses, has raised $150 million in Series D financing and secured a $40 million line of credit as it pushes toward its next phase of growth. The firm is now valued at $1.15 billion.

Drive Capital led the Series D with participation from Citadel Securities, BNP Paribas's VC wing Opera Tech Ventures, DRW Venture Capital, Bank Muscat, and Kraken, among other notable venture firms. The round also included Revolut CTO Vlad Yatsenko as an angel investor.

In addition to providing APIs and self-clearing custody solutions (essentially tools for other companies to more easily offer stocks and ETF trading), Alpaca powers 94% of all tokenized U.S. equities and ETFs, it said. The firm provides these embedded brokerage services for some 300 organizations, including the Kraken crypto exchange.

"Our mission is to open financial services to everyone on the planet," Alpaca CEO Yoshi Yokokawa said. "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."

Noting that 2025 was "a breakout year," Alpaca said it has “dramatically expanded its product suite” to include multi-leg options, fully paid securities lending, fixed-income, and 24/5 U.S. stock trading.

It also introduced its Instant Tokenization Network at TOKEN2049 Singapore last year, with launch partners including The Solana Foundation, as well as leading real-world asset projects Dinari, Ondo Finance, and xStocks, now a target for acquisition by Kraken.