Trading platforms like Coinbase and Robinhood are rushing to offer all things to all customers—from stocks to crypto to prediction markets. This has created an opportunity for Alpaca, which provides infrastructure to brokerage firms, and on Wednesday announced a hefty new funding round.
Alpaca, which builds software that lets companies more easily offer stocks, ETFs, and other financial instruments, raised $150 million in a Series D fundraise that valued the startup at $1.15 billion. Columbus, Ohio-based venture firm Drive Capital led the round, while market-making giant Citadel Securities, the crypto exchange Kraken, and the venture arm of the bank BNP Paribas also contributed. As part of the financing, Alpaca secured a $40 million line of credit.
