New York-based FinTech Provable Markets has closed a Series B funding round led by Charles Schwab (NYSE: SCHW), with a first-time investment from The Depository Trust & Clearing Corporation (DTCC) alongside existing backers Dialectic Capital Management and Inkef. Announced on 29 July 2026, the round accelerates the build-out of Aurora, the company's cloud-native alternative trading system for securities finance, at a moment when institutions are aggressively migrating stock loan and repo workflows onto programmable, cleared infrastructure.
Inside the deal
Financial terms were not disclosed. Provable Markets says proceeds will fund headcount growth across commercial, product and engineering, deeper connectivity into US capital markets plumbing, and geographic expansion. Schwab, one of the largest US brokerages and a heavyweight lender in the securities lending market, is joined by DTCC — which sits at the centre of US clearing and settlement through NSCC and DTC — signalling that the incumbents want to shape, not just consume, the emerging automated securities finance stack.
Aurora and the $30 trillion pipe
Aurora is an SEC-registered, cloud-native alternative trading system offering execution optimisation, operational efficiency and trade automation across cleared and uncleared securities financing transactions. It is now processing more than $30 trillion in monthly order volume, with direct connectivity to DTCC (NSCC and DTC), the Options Clearing Corporation and tri-party agents. The company is a FINRA-member broker-dealer and SIPC member led by CEO Matt Cohen, and reports four consecutive quarters of record activity.
Why it matters
Securities lending has historically been an over-the-counter, phone-and-email business — a stark contrast to the electronification of equities and futures. A Schwab-led round joined by DTCC is the strongest institutional endorsement yet that pre-trade discovery, execution and post-trade lifecycle for SFTs should ride the same automated rails as the rest of the market. It fits the broader FinTech infrastructure investment wave chronicled in adjacent coverage on this site, from Ellis's $10M seed for AI in private credit operations to Databahn's $40M Series B for an agentic enterprise data control plane, and the July surge in enterprise AI control-plane funding.
Reporting based on coverage from FinSMEs, PR Newswire and Provable Markets' July 29, 2026 announcement.