Summary
Alpaca, a provider of brokerage infrastructure, announced a $135 million equity raise led by Peak XV, with participation from Elefund, Opera Tech Ventures (BNP Paribas Group), and Unbound. Combined with debt financing from Kraken parent Payward and BMO, the total capital infusion reaches $435 million. The round follows a $150 million Series D in January 2026 that valued the firm at $1.15 billion.
The company has reported revenue doubling year-over-year for three straight years, assets under custody for stocks underlying tokenized equities exceeding $1.5 billion, and monthly active API users nearly quadrupling in the past six months. Key developments include acquiring an IFSCA-regulated broker-dealer in India's GIFT City, securing UK and European entities with passporting rights across all 30 EEA countries, and introducing global equities trading starting with European stocks.
Key Facts
- Equity raise: $135M led by Peak XV; total with debt: $435M
- Previous round: $150M Series D in January 2026 ($1.15B valuation)
- Revenue: doubled YoY for 3 consecutive years
- Assets under custody: $1.5B+ for stocks underlying tokenized equities
- API users: nearly 4x in past 6 months
- India: acquired IFSCA-regulated broker-dealer in GIFT City
- Europe: secured UK entities; passporting rights across 30 EEA countries
- Global equities: launched with European stocks
- Partners: crypto exchanges, tokenization platforms, major financial institutions
- CEO Yoshi Yokokawa: "ideally placed to serve as core infrastructure for tokenized capital markets"
- Peak XV's Aakash Kapoor: "markets are growing more interconnected and programmable"
Why It Matters
Alpaca's massive capital raise signals growing investor confidence in the convergence of tokenization and AI in financial markets. The company is positioning itself as the core infrastructure layer connecting traditional markets, tokenized assets, and AI-native financial tools. With revenue tripling and assets under custody growing rapidly, Alpaca represents the "picks and shovels" play on the tokenization megatrend.