Alpaca Raises $135M to Scale Embedded Brokerage Infrastructure

Alpaca raised $135 million in a funding round led by Peak XV, with participation from Elefund, Opera Tech Ventures (BNP Paribas Group's venture arm), and Unbound. Total financing reached $435 million including debt from Payward, Kraken's parent company, and BMO. The round follows a $150 million Series D announced in Jan 2026 that valued Alpaca at $1.15 billion.

Since that raise, the company acquired an IFSCA-regulated broker-dealer in India's GIFT City and purchased UK and European regulated entities, completing passporting across all 30 EEA countries. Alpaca reported doubling revenue year over year for three consecutive years and surpassing $1.5 billion in assets under custody for stocks backing tokenized equities. Monthly active API users grew nearly 4x over the prior six months.

The new capital will fund expansion of its brokerage and prime brokerage infrastructure serving fintechs, banks, broker-dealers, wealth managers, and crypto-native platforms globally.