Provable Markets Series B Backs Securities Finance Scale

Provable Markets announced an undisclosed Series B funding round led by Charles Schwab on July 29, 2026. The Depository Trust & Clearing Corporation (DTCC) joined as a new investor, while existing backers Dialectic Capital Management and INKEF also participated.

The round matters because these are not generic financial investors joining a fintech cap table. Charles Schwab operates alongside the institutions and trading workflows Provable Markets serves, while DTCC sits at the center of U.S. clearing, settlement, and post-trade infrastructure.

Provable Markets will use the funding to expand its commercial, product, and engineering teams, strengthen core infrastructure connectivity, and support product and geographic expansion. The company did not disclose the size of the round or its valuation, making the strategic alignment among the investors the clearest public signal.

What Happened

Provable Markets operates Aurora, a cloud-native, SEC-registered alternative trading system for securities finance. Aurora combines multi-party order matching with lifecycle management, books-and-records support, settlement messaging, and connectivity to NSCC, DTC, OCC, and tri-party agents through FIX, REST, and gRPC APIs.

Charles Schwab led the Series B, and DTCC joined as a new investor. Dialectic Capital Management and INKEF returned after supporting the company previously, while the announcement's reference to "and others" leaves the remainder of the investor group undisclosed.

The financing follows an $8M Series A led by Dialectic Capital Management in May 2024, with INKEF Capital and Anthemis participating. Because the Series B amount remains undisclosed, no reliable total-funding figure can be calculated from publicly available information.

Why This Matters

Market infrastructure does not succeed because a product demonstration looks polished. It succeeds when institutions trust it, counterparties can connect to it, regulated workflows remain reliable under volume, and operations teams are not left repairing the consequences after trading ends.

Provable Markets is built around that operational reality. Aurora connects execution with trade lifecycle management and clearing workflows, giving the company a broader responsibility than simply matching orders. The platform must reduce operational friction without requiring firms to abandon the systems, relationships, and regulated infrastructure they already rely on.

That makes Charles Schwab and DTCC strategically significant investors. Their participation does not guarantee adoption or market leadership, but it reinforces the importance of the problem Provable Markets is addressing and aligns two major financial-market institutions with the company's next stage of growth.

Market Context

The financing follows a period of strong company-reported operating growth. Provable Markets said Aurora processed 4.2 million orders during the second quarter of 2026, representing 91% quarter-over-quarter growth, while recording $33B in executed notional value across 398 million shares.

June alone generated $30.1T in order notional and $14.9B in executed notional, with executed notional increasing 42% from May. The company also reported liquidity across nearly 20,000 unique securities during the first half of 2026, figures that suggest the platform is building market depth rather than simply accumulating integrations.

The client network is expanding alongside that activity. In July, Provable Markets announced the go-live of eSecLending, Goldman Sachs, ING, and State Street, adding agent lenders, prime brokers, and global banks to both sides of the trading venue.

Competitive Landscape

Securities finance continues to rely on a complex mix of bilateral relationships, specialized systems, manual intervention, and fragmented post-trade processes. A new platform cannot erase that complexity with a product launch alone. It must integrate with existing market structure while demonstrating that automation improves execution, operational efficiency, capital utilization, or all three.

Aurora's competitive advantage is therefore architectural. Provable Markets combines order matching, execution, lifecycle management, market data, reporting, and central-clearing connectivity within a unified platform rather than requiring clients to assemble those capabilities independently after execution.

Institutional evidence also supports the company's clearing strategy. DTCC's 2024 annual report states that Provable Markets helped NSCC complete the first novation of a pre-existing bilateral stock loan into the SFT Clearing Service, allowing the transaction to move into central clearing without first returning the underlying security to the lender.

What This Signals

The investor group suggests that the company's next phase will be measured less by whether Aurora functions and more by how broadly it can be adopted. Commercial expansion can increase distribution, engineering investment can support additional integrations and higher transaction volumes, and product development can extend the platform across new instruments and market workflows.

The challenge is the one every infrastructure company eventually faces: additional connections create additional responsibility. Reliability, service quality, regulatory discipline, and seamless integration must scale alongside transaction volume and customer growth because institutional markets leave little room for operational failure.

Provable Markets has not published hiring targets, a detailed geographic expansion plan, or a dated product roadmap. That restraint leaves important questions unanswered, but it also keeps the public narrative grounded in what the company has actually disclosed.

The Bigger Industry Shift

The financing reflects a broader movement toward shared, interoperable infrastructure across capital markets. Financial institutions want greater automation and improved capital efficiency, but they also require technology that operates within existing market structure and connects directly to the clearing and settlement organizations responsible for systemic trust.

Provable Markets is betting that the winning model is not disruption through replacement. It is selective modernization: combining modern order matching, API connectivity, lifecycle automation, and clearing integration around the market infrastructure that remains essential.

For CEO Matt Cohen, Thomer Gil, CTO Ruben de Vries, and the broader Provable Markets team, the Series B provides additional resources to test that strategy at greater scale. For the market, the more important question is whether Aurora can translate strategic institutional backing and growing network activity into durable infrastructure that a broader range of financial institutions chooses to adopt.