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Brokerage infrastructure provider Alpaca has raised $135 million in equity to expand services connecting traditional markets, tokenized assets and artificial intelligence-driven trading applications.
Peak XV led the financing, with major participation from Elefund. Additional investors included Opera Tech Ventures, BNP Paribas Group’s venture arm, and returning investor Unbound. Alpaca did not disclose a new valuation.
Payward and BMO Lift Package to $435M
The equity raise forms part of a $435 million financing package that includes about $300 million in debt, mainly from Kraken parent Payward and BMO. Alpaca said it will use the capital to develop agent-first brokerage systems and API-based prime brokerage services.
The infrastructure targets financial companies building products across traditional and on-chain markets, including fintechs, banks, broker-dealers, wealth managers, trading firms and crypto platforms.
The company raised a separate $150 million Series D in January at a $1.15 billion valuation and secured a $40 million credit line. The latest announcement did not state whether the new financing changes that valuation.
Tokenized Equities AUC Exceeds $1.5B
Alpaca said assets under custody backing tokenized equities have exceeded $1.5 billion. Its infrastructure provides brokerage, clearing and custody services that allow partners to connect blockchain-based representations of shares with the underlying securities.
The company previously launched an Instant Tokenization Network with partners including xStocks, Dinari, Ondo Finance and the Solana Foundation. Alpaca said it does not issue the tokenized assets itself.
European Entities Passport Across 30 EEA Markets
Alpaca has expanded its regulated footprint by acquiring businesses in India, the United Kingdom and Europe. It said its European entities have completed passporting across all 30 European Economic Area countries.
That footprint gives the company a broader regulatory base as partners build investment products that combine traditional securities, tokenized assets and crypto market access.
API Users Rise Nearly 4x in Six Months
Monthly active users of Alpaca’s APIs rose nearly fourfold during the past six months as the company added tools for AI-driven financial applications. Revenue has more than doubled year over year for three consecutive years, Alpaca said.
The next phase will focus on brokerage systems that allow automated agents and institutional clients to access stocks, crypto and tokenized products through regulated APIs. Alpaca has not provided a timetable for launching its planned prime brokerage services.
