Alpaca raises $135M equity, lifts total financing to $435M for tokenized brokerage stack

Brokerage infrastructure provider Alpaca has raised $135 million in new funding led by Peak XV, with major participation from Elefund. Opera Tech Ventures, the venture arm of BNP Paribas Group, and Unbound also joined as new and returning investors, the company said.

The transaction brings Alpaca’s total financing to $435 million, including debt facilities primarily from Payward, the parent company of digital asset platform Kraken, and from BMO. The company did not disclose a new valuation; Alpaca previously announced a $150 million Series D in January 2026 at a $1.15 billion valuation.

Alpaca provides agent-first brokerage and API-first prime brokerage infrastructure for fintechs, banks, broker-dealers, wealth managers, algo firms, active traders and crypto-native platforms. Its stack is used to build investing products that span traditional securities and tokenized assets across onchain and offchain markets.

Recent expansion has included acquiring an IFSCA-regulated broker-dealer and payment service provider in GIFT City to establish a regulated presence in India, and acquiring UK and European regulated entities with passporting completed across all 30 EEA countries. Alpaca also launched global equities access starting with European equities trading.

The company said it has doubled revenue year over year for three consecutive years and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Monthly active API users grew nearly 4x over the last six months as Alpaca rolled out more agentic AI capabilities.

“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 CEO of Alpaca. He said investor support reflects confidence in the firm’s execution as tokenization and AI reshape access to global markets.

Peak XV principal Aakash Kapoor said Alpaca has “built the modern infrastructure stack for global investing,” adding that the platform now enables tokenization, agentic trading and on-chain infrastructure through a single API for large financial institutions and new market participants. Alpaca plans to use the capital to further scale its regulated infrastructure and global footprint as tokenization and AI drive demand for programmable brokerage rails.