Alpaca raises $135M to scale agent-first brokerage infrastructure
What's the deal? Alpaca has raised $135 million in a round led by Peak XV, with major participation from Elefund. Other backers included Opera Tech VenturesDealroom has a profile for this one. Try Dealroom →, the venture capital arm of BNP ParibasDealroom has a profile for this one. Try Dealroom → Group, and UnboundDealroom has a profile for this one. Try Dealroom →.
The raise brings total new financing to $435 million, inclusive of $300 million in debt financing primarily from PaywardDealroom has a profile for this one. Try Dealroom → — the parent of crypto exchange KrakenDealroom has a profile for this one. Try Dealroom → — and BMODealroom has a profile for this one. Try Dealroom →. The brokerage infrastructure company powers fintechs, banks, broker-dealers, wealth managers, and crypto-native platforms globally through its API.
What's the endgame? Alpaca plans to accelerate its agent-first brokerage and API-first prime brokerage infrastructure, letting clients build investing products across traditional and onchain markets. Co-founder and chief executive officer Yoshi YokokawaDealroom has a profile for this one. Try Dealroom → said the company aims to become "the default infrastructure layer for tokenized global capital markets and AI-native financial services."
Why now? The round follows Alpaca's $150 million Series D in January 2026, which valued it at $1.15 billion. The company says two shifts are driving demand: financial assets moving onchain through tokenization, and AI accelerating the creation of new financial applications.
By the numbers: Alpaca has doubled revenue year over year for three consecutive years and surpassed $1.5 billion in assets under custody for the stocks backing tokenized equities. Monthly active API users grew nearly 4x over the past six months as the company expanded its agentic AI capabilities.
Where's it expanding? Alpaca acquired an IFSCA-regulated broker-dealer and payment service provider in GIFT City, establishing a regulated presence in India. It also acquired UK and European regulated entities, completed passporting across all 30 EEA countries, and launched global equities access starting with European trading.
The signal: Investors are backing infrastructure that bridges traditional and onchain markets as tokenization and AI reshape finance. "Financial markets are becoming more connected and programmable every day, and that's a humongous opportunity in our view," said Aakash KapoorDealroom has a profile for this one. Try Dealroom →, principal at Peak XV Partners.
