Lowenstein Represents Alpaca in $150M Series D Fund Raise for $1.15B Valuation

Lowenstein Sandler represented Alpaca, a global leader in brokerage infrastructure whose APIs empower partners like Kraken, SBI Securities, and Dime!, in its $150 million Series D fund raise led by Drive Capital that values the company at $1.15 billion.

Alpaca is a U.S.-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, and more. Alpaca powers over 9 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries.

Alpaca intends to deploy the proceeds of this fund raise 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.

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.

The deal was covered in Law360, Yahoo! Finance, Fortune,FinTech Global, Tech Funding News,and Ventureburn.

The Lowenstein team included Ethan L. Silver, Raymond P. Thek, Sarah Gore, Crystal McDonald, Antonia E. Spano, and Katherine E. Hewitt.