Provable Markets, the SEC-registered broker-dealer behind the Aurora Alternative Trading System for securities finance, has closed a Series B funding round led by Charles Schwab.
The size of the deal was not disclosed. The round saw The Depository Trust & Clearing Corporation (DTCC) come on board as a new investor, alongside continued backing from existing shareholders including Dialectic Capital Management and Inkef, among others.
The capital injection arrives during a period of rapid expansion for the New York-based company. Its ATS has delivered record performance for four straight quarters, now handling upwards of $30 trillion in order volume each month.
The proceeds will be used to expand headcount across its commercial, product and engineering teams as the firm looks to keep pace with a fast-growing client base, while preserving its standard of client service and the scalability of its technology architecture. Additional funds will be channelled into new products and entry into new geographies, as well as deeper connectivity with core market infrastructure.
Provable Markets delivers pre-trade, execution and post-trade capabilities for both cleared and uncleared securities financing transactions through a fully cloud-native platform.
The business maintains links into central pillars of US capital markets plumbing, including DTCC’s clearing subsidiaries the National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC), as well as the OCC and Tri-party Agents. At the heart of its SEC-regulated ATS sits a novel matching engine designed to boost trade automation on a neutral basis, with a smooth transition into its Aurora post-trade offering that removes longstanding bottlenecks front-end tools alone cannot address. Through access to NSCC’s SFT Clearing Service, clients can also achieve meaningful capital relief under Basel rules, generating additional ROI and widening their trading opportunities.
DTCC managing director, president, clearing & securities services Brian Steele said, “As demand for securities financing transactions continues to grow, market participants are increasingly seeking solutions that improve capital efficiency while reducing operational complexity. Provable Markets’ integration with DTCC’s SFT Clearing Service helps participants streamline post-trade processing and unlock the balance sheet benefits of central clearing. By supporting and connecting to innovative platforms like Provable, we are helping create a more efficient and scalable securities finance ecosystem that can support continued growth across the market.”
Provable Markets co-founder and CEO Matt Cohen said, “We started Provable Markets with the belief that modernizing securities finance is a market structure story that requires a foundational pipes and plumbing approach to rebuild core infrastructure from the bottom up. By maintaining that focus, we have been able to solve real problems for our clients that not only drive scaled automation, but also alleviate the increasingly acute pressures of operational and regulatory capital constraints. Charles Schwab and DTCC’s investment validate and fuels our next stage of growth to execute on our vision of becoming core market infrastructure for the rapidly expanding securities finance landscape and beyond.”
Copyright © 2026 FinTech Global
