Alpaca Becomes a Unicorn with $150M Series D to Power Global Trading Platforms
Alpaca has raised $150 million in a Series D funding round led by Drive CapitalDealroom has a profile for this one. Try Dealroom → that values the brokerage infrastructure provider at $1.15 billion, as trading platforms increasingly look to outsource the complex machinery behind multi-asset investing. Alpaca also secured a $40 million credit facility alongside the equity raise, strengthening its capital base as it scales globally.
Founded in 2015, Alpaca provides the backend technology that allows companies to offer access to equities, exchange-traded funds, options and digital assets without building or licensing brokerage infrastructure themselves. Its software now underpins millions of brokerage accounts for hundreds of partners operating in more than 40 countries.
The company was started by Yoshi YokokawaDealroom has a profile for this one. Try Dealroom → and Hitoshi HaradaDealroom has a profile for this one. Try Dealroom →, longtime collaborators with backgrounds in trading systems. Yokokawa previously worked at Lehman Brothers before its collapse, an experience he has pointed to as shaping Alpaca’s emphasis on robust, well-capitalised financial infrastructure over consumer-facing design.
Throughout 2025, Alpaca has broadened its platform to reflect the blurring lines between traditional and digital markets. New offerings have included extended-hours trading, fixed income products, securities lending and tokenisation tools, alongside expanded regulatory coverage across the US and Europe. The company says the latest funding will be used to reinforce its global infrastructure and secure licences in additional jurisdictions.
By focusing on infrastructure rather than end users, Alpaca has positioned itself as a challenger to incumbent brokerage service providers, aiming to become the default layer on which next-generation trading platforms are built.
Sources:
Alpaca
Fortune
Business Wire
FinTech Global
J.V.
