Brokerage infrastructure firm Alpaca has closed a $135 million funding round led by Peak XV, supplemented by up to $300 million in debt financing from Payward, the parent company of Kraken, and BMO. The company announced the raise on Thursday, saying it will fund an expansion into tokenized markets and AI-driven financial services.
Round Details and Valuation
The latest raise follows a January Series D that brought in $150 million and lifted Alpaca’s valuation to $1.15 billion. Earlier backers include the venture capital arm of BNP Paribas. According to the company’s official statement, proceeds from the new financing will be directed toward accelerating its agent-first brokerage platform and its API-first prime brokerage infrastructure.
Notably, the debt component is more than double the equity raise. Alpaca has not disclosed the terms of the facility from Payward and BMO, or how much of the $300 million it intends to draw.
Yoshi Yokokawa, co-founder and CEO of Alpaca, framed the raise around the intersection of two fast-moving forces: ‘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.’
Tokenized Stocks Setting Records
The capital injection arrives as tokenized equities hit a new all-time high. Data aggregator Token Terminal reported in a Wednesday post on X that the global market capitalization of tokenized stocks has reached $2.3 billion. Crypto platforms are increasingly moving traditional investment products onto blockchain rails, broadening access for investors outside the United States.
The record is real but the base is small. At $2.3 billion, the entire global tokenized stock market is worth less than five times the capital Alpaca has just raised across equity and debt, underlining how early the sector remains.
Binance Partnership Already Live
Alpaca’s commercial traction was underlined last month when Binance disclosed a revenue-sharing arrangement with the company. Alpaca provides brokerage, clearing, and custody infrastructure for Binance’s stock trading product, making the firm a direct enabler of tokenized equity access for Binance’s global user base.
That partnership is also a concentration. Binance is Alpaca’s most visible client in the tokenized equity business, and the company has not disclosed what share of its revenue the arrangement represents or who else uses the infrastructure at comparable scale.
The combination of equity capital from Peak XV and debt from Payward and BMO gives Alpaca a substantial runway to build regulated infrastructure at the junction of real-world asset tokenization and AI-native finance, two sectors attracting growing institutional capital flows in 2026.
