Summary
Alpaca raised $135M equity ($435M with debt) led by Peak XV for its AI-driven brokerage platform for tokenized assets. Revenue doubled YoY for 3 years; $1.5B in assets under custody for tokenized equities; API users nearly 4x in 6 months. The company is building the core infrastructure connecting traditional markets, tokenized assets, and AI-native financial tools.
Key Points
- Total capital: $135M equity + $300M debt = $435M
- Lead investor: Peak XV (formerly Sequoia India)
- Previous round: $150M Series D in January 2026 ($1.15B valuation)
- Revenue growth: 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 expansion: acquired IFSCA-regulated broker-dealer in GIFT City
- Europe expansion: UK entities; passporting rights across 30 EEA countries
- Global equities: launched with European stocks
- Key partnerships: crypto exchanges, tokenization platforms, major financial institutions
- CEO Yokokawa: "core infrastructure provider for tokenized worldwide capital markets"
- Peak XV's Kapoor: "markets are growing more interconnected and programmable"
- Two forces driving demand: tokenization (assets moving on-chain) and AI (new applications)
- Competitive positioning: developer-friendly, agent-first, unified API
- Market signal: massive capital raise validates tokenization + AI convergence thesis