Stock trading API developer Alpaca said to close $10m Series A

Alpaca, an API for stock trading, has reportedly closed its Series A round on $10m as it seeks to reach more enterprise customers.

The investment was led by Portag3, with support also coming from Social Leverage, Spark Capital, Fathom Capital and Abstract Ventures, according to a report from TechCrunch.

With the close of the round, Alpaca is looking to reach more customers and build more features for its suite of APIs.

When the pandemic struck, Alpaca was forced to shrink its team down to 10, but it now sits at 35 staff members, the article claims. These new hires are helping the company with its geographic expansion and the continued development of its technology.

Alpaca, which is headquartered in California, is a stock trading API platform that enables any business to create and connect algorithms to buy and sell stocks with zero commissions. To help investors, the company provides algorithm-based trading and real-time market data.

Trading volume through its APIs have shot up from $388.1m in January to reach $2bn in September.

The FinTech raised a $6m Series A last year from Spark Capital and a $6m pre-seed round prior to that, the article claims.

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