Alpaca Raises $135M Led by Peak XV, Total Financing $435M

Alpaca, a self-clearing broker-dealer, raised $135 million in a new round led by Peak XV. Elefund, Opera Tech Ventures, and Unbound also participated. The total financing, including debt, reached $435 million.

The debt portion came from Payward, the parent company of Kraken, and BMO. Payward's involvement ties the financing to digital asset infrastructure.

Alpaca provides agent-first brokerage infrastructure that connects fintechs and institutions to both traditional and on-chain markets. The company supports more than 10 million brokerage accounts across hundreds of clients in over 40 countries. It has raised $400 million in prior funding.

The round is the largest for Alpaca since its 2021 Series B, according to the company. Kraken's parent contributing debt signals continued demand for crypto-compatible settlement rails.