Alpaca has raised $135 million in a round led by Peak XV, with participation from Elefund, Opera Tech Ventures (the venture arm of BNP Paribas Group) and Unbound, the company said in a blog post.
The new equity brings Alpaca's total financing to $435 million, a figure that includes debt facilities from Payward, the parent company of Kraken, and BMO. The raise follows a $150 million Series D announced in January 2026 that valued the company at $1.15 billion.
Alpaca provides brokerage and market data infrastructure through an API, serving fintechs, banks, broker-dealers, wealth managers and crypto-native platforms. The company frames its pitch around two converging trends: the tokenization of traditional financial assets and the growth of AI-driven trading agents that need regulated infrastructure to execute through.
Since the January raise, Alpaca said it acquired an IFSCA-regulated broker-dealer and payment service provider in India's GIFT City, and separately acquired UK and European regulated entities, completing passporting across all 30 European Economic Area countries. It has also launched European equities trading and onboarded crypto exchanges, tokenization platforms and financial institutions as clients.
On growth metrics, Alpaca said it has doubled revenue year over year for three consecutive years, surpassed $1.5 billion in assets under custody for the stocks underlying its tokenized equities product, and seen monthly active API users grow nearly fourfold over the past six months, which it attributes to expanding agentic AI use of its platform.
"Alpaca is uniquely positioned to become the default infrastructure layer for tokenized global capital markets and AI-native financial services," said Yoshi Yokokawa, Alpaca's co-founder and chief executive, in the announcement.
Aakash Kapoor, a principal at Peak XV, said the firm's investment reflects a view that financial markets are becoming increasingly programmable and that Alpaca's API-based model positions it to capture activity across tokenization, agentic trading and on-chain infrastructure.
The company said it will use the new capital to scale its agent-first brokerage and API-first prime brokerage infrastructure, targeting both financial institutions and the growing set of AI systems that trade or manage assets programmatically. Whether that AI-agent demand translates into durable revenue, rather than experimental usage, is likely to be the next test of Alpaca's thesis as it scales toward a larger raise or exit.