Summary
Provable Markets, the SEC-registered broker-dealer behind the Aurora Alternative Trading System for securities finance, closed a Series B led by Charles Schwab with DTCC as a new investor. The ATS has delivered record performance for four straight quarters, handling $30T+ in monthly order volume. The company provides pre-trade, execution, and post-trade capabilities for cleared and uncleared securities financing transactions through a fully cloud-native platform. Funds will expand headcount, new products, new geographies, and deeper connectivity with core market infrastructure including DTCC's NSCC and DTC.
Key Facts
- Series B led by Charles Schwab; DTCC joined as new investor
- Existing investors: Dialectic Capital Management, Inkef (continued backing)
- Aurora ATS: $30T+ monthly order volume, record performance for 4 straight quarters
- Cloud-native platform for securities financing (pre-trade, execution, post-trade)
- Connected to DTCC's NSCC, DTC, OCC, and Tri-party Agents
- NSCC SFT Clearing Service: capital relief under Basel rules for clients
- CEO Matt Cohen: "modernizing securities finance is a market structure story"
- DTCC MD Brian Steele: "helping create a more efficient and scalable securities finance ecosystem"
- Funds for: headcount expansion, new products, new geographies, deeper market infrastructure connectivity
- Provable Markets: SEC-registered broker-dealer, New York-based
Why It Matters
Provable Markets' Schwab-led Series B signals that securities finance — a $173T+ global market — is finally getting modern infrastructure. The Aurora ATS handles $30T+ monthly in order volume, making it a significant piece of capital markets plumbing. Schwab's participation as lead investor is notable: it suggests the largest retail broker sees value in modernizing the back-end infrastructure that supports securities lending and financing. The DTCC's investment adds further credibility. The cloud-native, API-first approach could eventually make securities finance as programmable and accessible as payments infrastructure has become.