US brokerage platform Alpaca has closed a $435 million financing package, comprising $300 million in debt from Kraken’s parent company Payward and BMO, plus $135 million in equity led by Peak XV with participation from Elefund, Unbound, and Opera Tech Ventures. The capital will fund expansion of Alpaca’s agent-first brokerage and API infrastructure for traditional and onchain markets, targeting financial firms and institutional clients.
The deal follows Alpaca’s $150 million Series D in January 2026, which valued the company at $1.15 billion. The platform has been aggressively expanding globally, securing MiFID II regulatory approval to operate across 29 European Economic Area countries from Spain, launching on Germany’s Xetra in April, and acquiring UK-based WealthKernel. Alpaca also recently purchased a broker-dealer in India’s GIFT City, broadening its international footprint.
The timing coincides with growing institutional interest in tokenized securities, though recent cancellations of SpaceX tokenized offerings by major crypto platforms underscore operational challenges.
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FXnCO Insight
** Alpaca’s strategic debt financing from crypto and banking giants signals accelerating convergence between traditional brokerage infrastructure and digital assets, positioning the platform as a critical bridge for institutions entering onchain markets.
Source: Finance Magnates