Alpaca raises USD $135 million in Peak XV-led round

Alpaca has raised USD $135 million in new financing in a round led by Peak XV, with participation from Elefund.

The fundraising brings Alpaca's total financing to USD $435 million, including debt financing primarily from Payward, the parent of crypto platform Kraken, and BMO. The latest capital follows an earlier Series D round that valued the business at USD $1.15 billion.

Alpaca, a US-headquartered self-clearing broker-dealer, provides brokerage infrastructure APIs that give clients access to stocks, exchange-traded funds, options, fixed income and crypto. Its customers include fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders and crypto-focused financial platforms.

It plans to use the funds to expand its brokerage and prime brokerage infrastructure for financial companies and institutional clients, and to build products across traditional and on-chain markets. The financing comes as more firms test tokenised financial products and as artificial intelligence tools play a larger role in trading and other financial applications.

Recent expansion includes a regulated presence in India through the acquisition of an IFSCA-regulated broker-dealer and payment service provider in GIFT City. Alpaca has also acquired regulated entities in the UK and Europe and completed passporting across all 30 countries in the European Economic Area.

It has also broadened its market access by launching global equities access, starting with European equities trading. Alongside that push, Alpaca says it has signed major global crypto exchanges, tokenisation platforms and financial institutions.

Metrics disclosed by Alpaca point to strong recent momentum. The company says it doubled revenue year on year for three consecutive years, exceeded USD $1.5 billion in assets under custody for the stocks underlying tokenised equities, and increased monthly active API users nearly fourfold over the past six months.

Market shift

The fundraising comes as parts of the financial industry seek to connect conventional market infrastructure with blockchain-based assets. Tokenisation has become a focus for banks, exchanges and digital asset groups aiming to represent traditional securities in digital form, while software developers explore how AI systems might automate investment workflows and trading processes.

Alpaca has positioned itself at that intersection, offering infrastructure that can be embedded into other companies' services rather than sold directly to consumers. It also offers products linked to fully paid securities lending, high-yield cash services, 24/5 trading and Shariah-compliant investing.

Yoshi Yokokawa, Co-Founder and Chief Executive Officer of Alpaca, linked the new funding to those broader market changes.

"Alpaca is uniquely positioned to become the default infrastructure layer for tokenized global capital markets and AI-native financial services," said Yoshi Yokokawa, Co-Founder and Chief Executive Officer of Alpaca. "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."

Peak XV said its investment reflects a belief that infrastructure providers could benefit as investment products become more digital and programmable. The firm pointed to Alpaca's reach among larger financial institutions, as well as newer areas such as tokenisation and on-chain services.

"Alpaca has built the modern infrastructure stack for global investing," said Aakash Kapoor, Principal at Peak XV Partners. "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 on-chain infrastructure, through a single API. We're proud to lead this round as they continue to expand globally."

The latest financing adds to a growing pool of capital for companies trying to build the plumbing between traditional securities markets and digital asset networks, as demand rises from institutions seeking regulated infrastructure across both areas.