Alpaca, a brokerage infrastructure provider, has raised $135 million in equity in a round led by Peak XV. Including debt facilities from Payward, the parent company of Kraken, and BMO, the company's total financing now stands at roughly $435 million. Alpaca holds over $1.5 billion in assets under custody backing its tokenized equities.
Tokenized stocks backed by real shares
Alpaca's tokenized equities are not synthetic instruments or CFDs. They are backed by real shares held with qualified custodians. The company enforces compliance gates including KYC/AML checks, sanctions screening, and jurisdiction restrictions through its brokerage layer. That means each token represents a claim on an actual underlying security, not a derivative bet.
Agent-first brokerage for tokenized markets
Alpaca describes its technology stack as 'agent-first' brokerage infrastructure designed for tokenized markets and AI-native financial services. The platform supports over 10 million brokerage accounts across more than 40 countries. The new capital will help scale that infrastructure and expand the range of tokenized assets available to users.
DTCC processes tokenized trades
On July 15, 2026, the Depository Trust & Clearing Corporation processed tokenized asset trades and named Alpaca among the participants. That event marked a step toward integrating tokenized securities into the traditional clearing and settlement system. Alpaca's role in that test signals growing institutional acceptance of tokenized equities.
The company now has to show it can turn the $435 million in financing into sustained growth. With more than 10 million accounts already on the platform, the next challenge is deepening adoption among institutional clients and ensuring the compliance infrastructure scales as volumes rise.
