Financial technology infrastructure Alpaca completes $150 million financing, led by Drive Capital

Financial technology infrastructure provider Alpaca announced the completion of a $150 million Series D funding round, with a valuation of $1.15 billion. This round was led by Drive Capital, with participation from Citadel Securities, cryptocurrency exchange Kraken, and the venture capital arm of BNP Paribas. As part of the funding, Alpaca also secured a $40 million credit facility.

The software created by Alpaca enables companies to more easily offer trading services for stocks, ETFs, cryptocurrencies, and other financial instruments. Co-founder and CEO Yoshi Yokokawa stated that as the lines between traditional finance and the crypto space blur, platforms are integrating services, and Alpaca's annual recurring revenue has surpassed $100 million.