Key Takeaways:
Alpaca's latest raise brings its total capital to nearly $300 million, as the brokerage infrastructure provider deepens its push into tokenized securities through a partnership with Broadridge.
Alpaca, a brokerage infrastructure provider, raised $135 million in a funding round led by Peak XV, with participation from Elefund, Opera Tech Ventures — the venture capital arm of BNP Paribas Group — and Unbound. The round comes six months after Alpaca's $150 million Series D in January, which valued the company at $1.15 billion.
"The tokenization of equities has the potential to expand access to global capital markets, but it must preserve the investor protections that market participants already expect," Yoshi Yokokawa, co-founder and chief executive of Alpaca, said. "Through our partnership with Broadridge, we're combining modern tokenization infrastructure with trusted governance capabilities."
Alpaca provides regulated brokerage infrastructure that enables other companies to offer trading, custody, and clearing services without building their own systems. The company's Instant Tokenization Network allows partners to issue and manage tokenized equities. A new collaboration with Broadridge integrates shareholder governance capabilities — proxy voting, investor communications, voting entitlement reconciliation, and regulatory disclosures — across both traditional and tokenized equities. Broadridge's platform serves more than 200 million retail and institutional investor accounts globally.
The fintech infrastructure sector has drawn significant capital this year. Flex raised $70 million in a Series B1 round led by Halo Fund, bringing its total equity to $180 million, while Velocity secured $38 million in Series A funding led by Dragonfly and FirstMark for its stablecoin treasury platform. Cyclops raised $20 million for its stablecoin-focused infrastructure, and Infinia closed a $13.5 million round for digital financial infrastructure. The flurry of deals signals that investors are betting on the companies building the pipes rather than the consumer-facing apps.
Alpaca's ability to raise two nine-figure rounds within six months reflects strong demand for brokerage-as-a-service infrastructure, particularly as tokenization moves from experimental to institutional. The Broadridge partnership addresses a key barrier to adoption: ensuring that tokenized equities carry the same shareholder rights and governance protections as traditional securities. For institutional investors, the ability to integrate tokenized equity voting into existing governance workflows could accelerate allocation decisions. Alpaca did not disclose its updated valuation following the latest round.
This article is for informational purposes only and does not constitute investment advice.
