Alpaca, the BNP Paribas-backed brokerage infrastructure provider, raised $135 million to scale its agent-first platform connecting traditional and onchain markets as tokenization and artificial intelligence reshape global finance.
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Alpaca raises $135M to expand tokenized brokerage and AI agent infrastructure
Alpaca, the BNP Paribas-backed brokerage infrastructure provider, raised $135 million to scale its agent-first platform connecting traditional and onchain markets as tokenization and artificial intelligence reshape global finance.
Alpaca raised $135 million in a funding round led by Peak XV Partners, with participation from Elefund, BNP Paribas Group's Opera Tech Ventures and Unbound, to expand its brokerage infrastructure for tokenized assets and AI-native financial services.
"The support from our investors reflects confidence in Alpaca's execution and the market opportunity ahead," Yoshi Yokokawa, co-founder and chief executive officer of Alpaca, said. "As tokenization reshapes access to global markets and AI accelerates the creation of new financial applications and market participants, demand is growing for regulated infrastructure built for this paradigm shift."
The broader financing package totals $435 million, inclusive of debt financing from Payward, the parent company of crypto exchange Kraken, and BMO. The raise follows Alpaca's $150 million Series D in January 2026, which valued the company at $1.15 billion. Alpaca has doubled revenue year over year for three consecutive years and surpassed $1.5 billion in assets under custody for the underlying stocks backing tokenized equities. Monthly active API users grew nearly fourfold in the six months through July as the company expanded agentic AI capabilities.
Alpaca plans to use the capital to accelerate its agent-first brokerage and API-based prime brokerage infrastructure, enabling financial institutions to build investing products across traditional and onchain markets. The company now supports more than 10 million brokerage accounts across hundreds of fintechs and institutions in over 40 countries, positioning it as a central infrastructure layer as tokenization and AI agents drive the next generation of financial services.
Alpaca operates as a self-clearing broker-dealer, handling account maintenance, transaction processing and trade settlement directly rather than relying on a third-party clearing firm. Its infrastructure allows fintech companies, banks, wealth managers, algorithmic trading firms and crypto-native platforms to integrate brokerage capabilities through standardized APIs without building entire trading systems internally.
The company describes its platform as "agent-first," meaning it is designed to support autonomous AI systems that can research markets, interact with brokerage services and execute approved financial workflows through software interfaces. As AI agents become more capable, they may increasingly participate in portfolio analysis, trade execution, treasury management and financial planning — applications that require regulated infrastructure connecting AI systems with brokerage accounts, market data and compliance processes.
Global expansion and regulatory footprint
Alpaca has expanded its international regulatory presence through several acquisitions. The company acquired an IFSCA-regulated broker-dealer and payment service provider in GIFT City, India's international financial services center, and purchased regulated entities in the United Kingdom and Europe, completing passporting across all 30 European Economic Area countries. It also launched global equities access starting with European stock trading.
The company has onboarded major cryptocurrency exchanges, tokenization platforms and financial institutions as customers. Peak XV's investment reflects conviction in Alpaca's role as foundational infrastructure for the next generation of financial services, according to Aakash Kapoor, principal at the venture firm.
"Financial markets are becoming more connected and programmable every day, and that's a humongous opportunity in our view," Kapoor said. "Alpaca powers large financial institutions across the globe and is now enabling entirely new categories like tokenization, agentic trading and onchain infrastructure through a single API."
Alpaca's expansion comes as two major shifts reshape global finance: traditional financial assets are moving onto blockchain networks through tokenization, while artificial intelligence is accelerating the creation of new financial applications and market participants. Together, these trends are creating demand for regulated infrastructure that can bridge conventional and onchain markets — a gap Alpaca is seeking to fill as the default infrastructure layer for tokenized global capital markets and AI-native financial services.
This article is for informational purposes only and does not constitute investment advice.
