Alpaca has raised $135 million to expand its brokerage infrastructure for tokenized markets, agentic trading and AI-native financial services. Peak XV Partners led the round, with significant participation from Elefund. Additional new and returning investors included Opera Tech Ventures, the venture capital arm of BNP Paribas Group, and Unbound.
The broader financing package totals $435 million, including debt financing provided primarily by Payward, the parent company of digital asset platform Kraken, and BMO.
The new capital follows Alpaca’s $150 million Series D financing announced in January 2026, which valued the company at $1.15 billion.
Alpaca provides brokerage technology that enables fintech companies, financial institutions and other organizations to build investing products through application programming interfaces. Its infrastructure supports access to traditional securities and onchain asset classes without requiring each customer to develop an entire brokerage system internally.
The company plans to use the financing to expand its agent-first brokerage platform and API-based prime brokerage infrastructure. Alpaca is seeking to help financial companies and institutional customers create products spanning conventional markets, tokenized assets and AI-powered investment applications.
Alpaca describes its infrastructure as agent-first because it is designed to support financial products in which autonomous AI systems can research markets, interact with brokerage services and execute approved financial workflows through software interfaces.
As AI agents become more capable, they may increasingly participate in portfolio analysis, trade execution, treasury management, financial planning and other investment-related activities. These applications require regulated infrastructure that can securely connect AI systems with brokerage accounts, market data, trading venues and compliance processes.
Alpaca is also expanding as tokenization brings traditional financial assets onto blockchain-based networks. Tokenized assets can represent ownership interests in stocks, funds, bonds and other financial instruments while allowing transactions and recordkeeping to occur through digital infrastructure.
The company believes the combination of AI and tokenization will create new financial applications and market participants. Alpaca aims to serve as the regulated infrastructure layer connecting those applications with traditional and onchain capital markets.
The platform is currently used by fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders and crypto-native financial platforms.
Alpaca supports more than 10 million brokerage accounts across hundreds of financial technology companies and institutions in over 40 countries.
The company operates as a self-clearing broker-dealer, enabling it to handle important brokerage functions directly rather than relying entirely on another clearing firm. These capabilities can include maintaining accounts, processing transactions and managing the operational infrastructure required to complete securities trades.
Alpaca has doubled its revenue year over year for three consecutive years. Its monthly active API user count also increased nearly fourfold during the six months preceding the announcement, supported partly by growing interest in agentic AI applications.
The company has surpassed $1.5 billion in assets under custody for the underlying stocks used to support tokenized equities. These assets help connect blockchain-based representations of stocks with the securities held in the conventional financial system.
Alpaca has also onboarded major cryptocurrency exchanges, tokenization platforms and financial institutions as customers.
The company has expanded its international regulatory presence through several acquisitions. Alpaca acquired an International Financial Services Centres Authority-regulated broker-dealer and payment service provider in GIFT City, establishing a regulated operating presence in India.
GIFT City is an international financial services center designed to support cross-border banking, capital markets and financial technology activity.
Alpaca also acquired regulated businesses in the United Kingdom and Europe. The company subsequently completed passporting across all 30 countries in the European Economic Area, enabling it to provide certain regulated services throughout the region under its European authorization.
The expansion provides Alpaca with a broader foundation for serving financial institutions and technology companies seeking to launch investment products across multiple markets.
Alpaca has also begun expanding beyond U.S. securities by launching access to global equities, starting with European stock trading.
The company’s international growth reflects increasing demand from fintech businesses that want to provide customers with access to securities across different countries through one infrastructure provider.
Developing those products independently can require extensive licensing, clearing relationships, compliance systems, custody arrangements and connections to trading venues. Alpaca seeks to reduce that complexity by offering the underlying infrastructure through standardized APIs.
The platform enables companies to integrate brokerage capabilities into their own applications while maintaining control over the customer interface and product experience.
For banks and wealth managers, Alpaca can support the introduction of digital investing products without requiring a complete replacement of existing systems. For crypto-native platforms, the company can provide connections to traditional securities and the assets backing tokenized investment products.
Algorithmic trading businesses can use Alpaca’s APIs to automate investment strategies, while AI application developers can connect intelligent agents with brokerage and market infrastructure.
The company’s focus on prime brokerage infrastructure is also intended to support more sophisticated financial institutions and trading firms. Prime brokerage services can include trading access, clearing, custody, financing and other capabilities required by professional market participants.
Alpaca plans to continue building infrastructure that works across different asset classes and financial environments. Its strategy is based on the view that global markets are becoming more connected, programmable and accessible through software.
The financing will help Alpaca invest in product development, regulatory capabilities, international operations and the technology required to support increasing transaction and account volumes.
Alpaca is headquartered in the United States. Its operating businesses include Alpaca Securities, which provides securities brokerage services, and Alpaca Crypto, which provides cryptocurrency-related services.
The company’s Instant Tokenization Network was developed by AlpacaDB and Alpaca Crypto to support infrastructure connecting tokenized financial products with underlying assets. Alpaca said those businesses do not issue or directly tokenize the assets.
By expanding its regulated brokerage network, Alpaca aims to become a central infrastructure provider for companies building the next generation of investing, tokenization and AI-driven financial products.
KEY QUOTES:
“Alpaca is uniquely positioned to become the default infrastructure layer for tokenized global capital markets and AI-native financial services. The support from our investors reflects confidence in Alpaca’s execution and the market opportunity ahead. As tokenization reshapes access to global markets and AI accelerates the creation of new financial applications and market participants, demand is growing for regulated infrastructure built for this paradigm shift.”
Yoshi Yokokawa, Co-Founder and CEO of Alpaca
“Alpaca has built the modern infrastructure stack for global investing. Financial markets are becoming more connected and programmable every day, and that’s a humongous opportunity in our view. Alpaca powers large financial institutions across the globe and is now enabling entirely new categories like tokenization, agentic trading and onchain infrastructure through a single API. We’re proud to lead this round as they continue to expand globally.”
Aakash Kapoor, Principal at Peak XV Partners
