Alpaca raised $135M in equity led by Peak XV, plus $300M in debt from Kraken parent Payward and BMO. Revenue doubled for three straight years as tokenization and AI reshape brokerage infrastructure.
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Alpaca, the brokerage-infrastructure provider, raised $135 million in an equity round led by Peak XV, with Elefund, Opera Tech Ventures and Unbound participating. Combined with debt financing from Kraken parent Payward and BMO, the total capital reached $435 million.
The round comes eight months after a $150 million Series D in January 2026 that valued the firm at $1.15 billion. Revenue has doubled year-over-year for three straight years, Alpaca said. Assets under custody for stocks underlying tokenized equities have topped $1.5 billion. Monthly active API users have nearly quadrupled in the past six months as the platform added agentic AI features.
Alpaca acquired an IFSCA-regulated broker-dealer and payment-services provider in India's GIFT City, solidifying regulated operations there. It also bought UK and European entities, gaining passporting rights across all 30 EEA countries. The firm launched global equities trading starting with European stocks and struck partnerships with crypto exchanges, tokenization platforms and major banks.
The dual push into tokenization and AI is driving demand for infrastructure that links conventional and on-chain markets while powering AI-first financial tools, CEO Yoshi Yokokawa said. "We are ideally placed to serve as the core infrastructure provider for tokenized worldwide capital markets and AI-powered financial offerings," he said.
Proceeds will fund further development of Alpaca's agent-centric brokerage and API-driven prime brokerage solutions, which let fintechs, banks, broker-dealers, wealth managers and crypto-native platforms build investment products across traditional and on-chain environments.
Peak XV Principal Aakash Kapoor said Alpaca has "constructed a contemporary infrastructure suite for worldwide investing" as markets grow "more interconnected and programmable." The platform already supports major institutions and is pioneering tokenization, agent-based trading and on-chain systems accessible via one API, he said.
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