Brokerage-infrastructure fintech Alpaca has raised $135 million in an equity round led by Peak XV, the company announced on 16 July 2026. Additional participants in the round include Elefund, Unbound and Opera Tech Ventures, the venture arm of BNP Paribas Group.
Alongside the equity raise, Alpaca said its overall new financing totals $435 million once debt financing is included, primarily provided by Payward, the parent of Kraken, and Bank of Montreal. The debt component amounts to about $300 million.
AGENT-FIRST AND TOKENISED MARKETS FOCUS
Proceeds from the round will be used to accelerate what Alpaca describes as agent-first brokerage and API-first prime brokerage infrastructure for tokenised markets and AI-native financial services. "Alpaca is uniquely positioned to become the default infrastructure layer for tokenized global capital markets and AI-native financial services," said co-founder and chief executive Yoshi Yokokawa.
Alpaca describes its infrastructure as agent-first because it is designed to support financial products in which autonomous AI systems can research markets, interact with brokerage services and execute approved financial workflows.
Alpaca said it holds more than $1.5 billion in assets under custody for the underlying stocks used to support tokenised equities, and supports more than 10 million brokerage accounts across hundreds of fintechs and institutions in over 40 countries.
PRIOR ROUND AND STRATEGIC BACKERS
The round follows Alpaca's $150 million Series D at a $1.15 billion valuation in January 2026, marking a further capital raise within the same year. Peak XV, a spin-off from Sequoia Capital's India operations, led the round, with significant participation from Elefund.
Payward, which provides most of the debt alongside BMO, also owns Backed, a tokenised-stock issuer that relies on Alpaca as custodian, Ledger Insights noted.
Alpaca, which said it has doubled revenue year on year for three consecutive years, plans to use the financing to invest in product development, regulatory capabilities, international operations and technology.