This week at Social Leverage...

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I. Alpaca Raises $150 Million at a $1.15B Valuation to Build the Global Standard for Brokerage Infrastructure

Alpaca (Fund III) raised a $150M Series D at a $1.15B valuation to further its mission of becoming the global standard for brokerage infrastructure. With strong enterprise traction, rapid revenue growth, and expanding tokenization capabilities, the new capital will support global expansion, regulatory licensing, and institutional-grade product development.

II. Social Leverage Raises $85 Million Fund to Double Down on Seed-Stage Investing

Social Leverage closed an $85M fifth fund to continue its seed-stage investing focus in fintech and vertical AI, with strong LP re-ups despite a tough fundraising environment. The firm highlights its disciplined valuation approach, notable portfolio wins (e.g., Robinhood, Alpaca, Kustomer), and plans to keep backing founders across the U.S., including Southern California.

III. How to Borrow Money at US Treasury Rates

The article explains how wealthy investors use box spread loans to borrow at rates close to U.S. Treasuries with favorable tax treatment, making it cheaper than margin loans or mortgages. Because executing the strategy is complex, it notes that platforms like SyntheticFi (Fund V) offer a one-stop way to access these rates without having to manually manage multi-leg options trades.

WATCHING

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