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- Alpaca
Alpaca Revenue, Valuation, Funding & Investors
Alpaca is valued at $1.1B as of January 2026, a 11.5x multiple on its last reported $100M revenue.
Last Alpaca valuation
$1.1B
Series D · Jan 2026
Last Alpaca funding round
Undisclosed stage
Amount undisclosed · Aug 2026
Alpaca revenue
$100M
Series D · Jan 2026
Key investors in Alpaca
Portage Ventures
Unbound
Spark Capital
Social Leverage
Eric Di Benedetto
SMBC Venture Capital
About Alpaca
Alpaca is a New York-headquartered developer platform offering API-based brokerage services for stock and cryptocurrency trading. The infrastructure provides commission-free execution, real-time market data feeds, paper trading environments, and advanced order types including algorithmic strategies. Backed by Y Combinator and investors like Spark Capital, Alpaca powers trading apps for retail and institutional users across multiple global markets.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$100M (Jan 2026)
Valuation
$1.1B (Jan 2026)
Alpaca Valuation
Alpaca is currently valued at $1.1B, based on its Series D in January 2026.
The $150M round was led by Drive Capital, with participation from Kraken, MUFG Innovation Partners, Vlad Yatsenko, Nol Card balance check, DRW Venture Capital and 6 other investors.
Alpaca's valuation has grown 2.1x from $550M at its Series C in April 2025 to $1.1B in January 2026, across 2 priced rounds.
Alpaca valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2026 | Series D | $1.1B | 11.5x |
| Apr 2025 | Series C | $550M | 5.5x |
Alpaca Revenue
Alpaca's latest recorded revenue is $100M, as of its Series D in January 2026. At a $1.1B valuation, that implies a 11.5x revenue multiple.
Revenue moved from $100M in April 2025 to $100M in January 2026, while the revenue multiple moved from 5.5x to 11.5x.
Alpaca revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2026 | $100M | $1.1B | 11.5x | Series D |
| Apr 2025 | $100M | $550M | 5.5x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Alpaca Funding History
Alpaca has raised a total of $424M across 11 funding rounds, plus 1 secondary share sale.
Alpaca's first fundraising round was a $1M seed round in October 2015. The most recent completed round was a undisclosed-stage round in August 2026.
Alpaca funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Undisclosed stage | Krungsri Finnovate (lead) | - | - | Krungsri Finnovate invested in Alpaca in August 2026 through Finnoventure Private Equity Trust I. The investment formed part of the firm’s first seven months of 2026 portfolio activity and was one of three 2026 startup investments alongside Qoala and Whale, reflecting the CVC arm’s continued focus on AI, InsurTech, and FinTech infrastructure. Alpaca is a global brokerage infrastructure and wealth-management/foreign-exchange platform company. The August 2026 funding was intended to support that business. Krungsri Finnovate said the 2026 investments were made through its private equity trust vehicle, which has backed startups since 2021 and is part of a portfolio worth about THB 5 billion across more than 30 startups in Thailand, ASEAN, and other markets. Alpaca had previously raised $150 million in January 2026 at a $1.15 billion valuation in a separate financing round, indicating that the August transaction was an additional strategic investment rather than that larger round. |
| Jul 2026 | Undisclosed stage | Peak XV Partners (lead); Opera Tech Ventures; Elefund; Unbound | $135M | - | Alpaca raised $135 million in a financing round in July 2026 led by Peak XV with major participation from Elefund, bringing its total financing to $435 million including debt from Payward (Kraken's parent) and BMO. The company previously completed a $150 million Series D round in January 2026 led by Drive Capital at a $1.15 billion post-money valuation, achieving unicorn status. Alpaca is a global provider of agent-first brokerage infrastructure enabling fintech firms, banks, and crypto platforms to build investment products across traditional and on-chain markets while connecting to global exchanges and asset tokenization platforms. The company supports over 9 million brokerage accounts and hundreds of partners across 40+ countries, with founders Yoshi Yokokawa and Hitoshi Harada headquartered in New York. The July 2026 funds will accelerate development of AI-native brokerage infrastructure and API-first prime brokerage services. |
| Apr 2026 | Secondary | - | - | - | Flat Capital sold its entire position in Alpaca in a secondary transaction with an independent buyer, less than three months after investing approximately SEK 48 million in the trading infrastructure company. The exit was part of a package of six passive AI and software-related holdings realised for approximately SEK 720 million in total. Flat said it was moving from passive minority stakes to larger, more active ownership positions. |
| Jan 2026 | Series D | Drive Capital (lead); Kraken; MUFG Innovation Partners; Vlad Yatsenko; Nol Card balance check; DRW Venture Capital; Ribbit Capital; Endeavor Catalyst; Unbound; X&KSK; Diagram Ventures; Flat Capital | $150M | $1.1B | Alpaca is a US-headquartered provider of brokerage infrastructure APIs that enables fintech companies and financial institutions to offer trading services without building their own clearing systems. The company provides access to stocks, ETFs, options, fixed-income securities, and cryptocurrencies through a self-clearing broker-dealer model, supporting over nine million brokerage accounts across more than 40 countries for more than 300 partner organizations. In January 2026, Alpaca closed a $150 million Series D funding round led by Columbus-based venture capital firm Drive Capital, achieving a post-money valuation of $1.15 billion and securing unicorn status. Drive Capital co-founder and partner Chris Olsen joined Alpaca's board of directors as part of the investment. The round included participation from numerous strategic and financial investors: Citadel Securities, Opera Tech Ventures (BNP Paribas' venture arm), MUFG Innovation Partners, Flat Capital (backed by Klarna CEO Sebastian Siemiatkowski), DRW Venture Capital, Kraken, Altered Capital, X&KSK (founded by Japanese soccer legend Keisuke Honda), Bank Muscat, and Endeavor Catalyst. Returning investors included Portage, Horizons Ventures, Social Leverage, Unbound, Diagram, and Derayah Financial, with additional angel participation from Revolut's CTO Vlad Yatsenko. Alongside the equity raise, Alpaca secured a $40 million credit facility to further strengthen its balance sheet. The company's total funding exceeded $320 million at the time of this round. Alpaca stated that funds would be used to strengthen its global investment infrastructure, including establishing regulatory approvals and local market presence in key jurisdictions and advancing institutional-grade trading capabilities. Recent platform enhancements included multi-leg options, fully paid securities lending, fixed-income products, and 24/5 US stock trading capabilities added in 2025. Alpaca's expansion strategy includes its July 2025 acquisition of WealthKernel to secure entry into UK and EU markets, and existing partnerships with regional players including SBI Group in Asia. The company positions itself as infrastructure enabling the next generation of investment platforms, with industry comparisons drawn to transformative fintech companies like Stripe and Plaid. |
| Apr 2025 | Series C | 850 Management (lead); Derayah Financial (lead); National Inv Co (lead); Portage Ventures; Unbound | $52M | $550M | Alpaca is a US-headquartered self-clearing broker-dealer and API-based brokerage infrastructure provider enabling stocks, ETFs, options, crypto, and fixed income trading for fintechs and institutions. It powers over 5 million brokerage accounts across more than 200 partners in 40+ countries, with recent launches including US options trading, high-yield cash accounts, IRAs, FIX API, and local currency APIs. The company, founded in 2015 by Yoshi Yokokawa and Hitoshi Harada, became DTCC member and established a Saudi entity to expand in the Middle East. On April 23, 2025, Alpaca raised $52 million in its Series C funding round from new and returning investors including lead participants 850 Management, Derayah Financial, National Investments Company (NIC), alongside Unbound and Portage Ventures. This brings total funding to over $170 million, following a $50 million Series B in 2021 and $15 million from SBI Group in 2023. The capital supports global expansion into the US, Middle East, Asia, and Europe, obtaining more regulatory licenses (beyond US, Japan, Bahamas), opening a Manhattan office, and rolling out 24/5 trading and fully paid securities lending. Alpaca's platform serves enterprise institutions and fintechs, emphasizing algorithmic trading APIs and embedded investment services. The Derayah partnership enhances Middle East access, particularly Saudi Arabia's market. Investors reaffirm confidence in Alpaca's execution amid growing demand for continuous financial market access. |
| Oct 2023 | Undisclosed stage | SBI Holdings (lead) | $15M | - | Alpaca is a San Mateo-based stock trading API developer offering stock and crypto brokerage trading services via API, enabling investing fintech companies to embed functionality into their apps. It operates a B2B2C model serving more than 5 million end-users through over 100 corporate partners in 30 countries, including Saudi Arabia, Indonesia, Thailand, and India, with nearly 20% of clients in Asia, primarily Southeast Asia. Thailand-based digital bank Dime and Singaporean investment app Syfe use Alpaca’s brokerage platform for U.S. stock trading services. Alpaca secured a $15 million convertible note from Japanese financial firm SBI Group on October 12, 2023, bringing total funding to $120 million since 2015. The strategic investment supports expansion in Asia, where Alpaca recently obtained a broker-dealer license from Japan’s Financial Services Agency to offer U.S. stock trading services. |
| Aug 2021 | Series B | Tribe Capital (lead); Unbound (lead); Positive Sum; Spark Capital; Portage Ventures; Four Cities Capital; Social Leverage; Horizons Ventures; Eldridge Industries | $50M | - | - |
| Oct 2020 | Series A | Portage Ventures (lead); Spark Capital; Fathom Capital; Nikita Bier; Social Leverage; Abstract; Antenna Ventures | $10M | - | Alpaca raised $10 million in a Series A funding round announced on October 15, 2020, led by Portage Ventures with participation from Social Leverage, Spark Capital, Fathom Capital, and Abstract Ventures. The company provides API-powered commission-free equities trading infrastructure, enabling other companies to integrate trading features into their products. This followed prior raises of $6 million pre-seed and $6 million seed rounds. |
| Nov 2019 | Series A | Spark Capital (lead); Oyster Ventures; Y Combinator; Zillionize; Howard Lindzon; Brian Norgard; Portage Ventures; Fathom Capital; Four Cities Capital; Eric Di Benedetto; Social Leverage | $6M | - | - |
| Oct 2018 | Seed | Global Brain Corporation (lead); Berkeley Angel Network; Eric Di Benedetto; Archetype Ventures; Joshua S. Levine; D4V | $3M | - | - |
| Jan 2017 | Seed | MUFG; Monex Ventures; Eric Di Benedetto; NEC Capital Solutions; Mitsubishi UFJ Capital; Genuine Startups; IDEO; D4V; SMBC Venture Capital | $2M | - | - |
| Oct 2015 | Seed | FinTech Sandbox; NEC Capital Solutions; Archetype Ventures; Shinji Kimura; Bip Systems; SMBC Venture Capital | $1M | - | - |
Who has invested in Alpaca?
53 investors have backed Alpaca across its funding rounds, including Portage Ventures, Unbound, Spark Capital, Social Leverage, Eric Di Benedetto and SMBC Venture Capital.
Lead investors include Krungsri Finnovate, Peak XV Partners, Drive Capital, 850 Management, Derayah Financial and 7 other investors.
Alpaca Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Nov 2019 | ||
| 4 | Lead | Aug 2021 | ||
| 3 | Lead | Nov 2019 | ||
| 3 | Participant | Jan 2017 | ||
| 3 | Participant | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Oct 2015 | ||
| 2 | Participant | Oct 2015 | ||
| 2 | Participant | Jan 2017 | ||
| 2 | Participant | Oct 2015 | ||
| 1 | Lead | Oct 2018 | ||
| 1 | Participant | Nov 2019 | ||
This data is available for Pro users. Sign up to see all 53 Alpaca investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Alpaca
Alpaca has acquired 2 companies to date.
Last acquisition by Alpaca was on July 10th 2025. Alpaca acquired WealthKernel for undisclosed valuation.
Latest Acquisitions by Alpaca
| Description | WealthKernel is a London-based fintech providing modular savings, investment, and pension infrastructure via API. Its cloud platform enables financial firms to integrate scalable back-office services without building proprietary systems. | AlpacaJapan is a fintech provider of proprietary AI technology designed for capital markets trading. Its team includes experts from Microsoft, Nokia, Sony, Lehman Brothers, and Barclays, partnering with leading financial institutions around the world. The platform offers developer-friendly APIs for commission-free trading of US stocks, options, ETFs, and cryptocurrencies. As an extension of San Francisco-headquartered Alpaca, established in 2015 and registered as a broker-dealer with the SEC and FINRA, AlpacaJapan facilitates algorithmic trading and brokerage infrastructure with a focus on the Japanese market. |
| HQ Country | ||
| HQ City | London | Tokyo |
| Deal Date | 10 Jul 2025 | 19 Jul 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Alpaca acquisitions and their M&A valuation multiples. Start Free Trial | ||
Alpaca Competitors
Alpaca competitors include listed companies like Marex Group and Tradeweb Markets, and private ones like Paxos, A5X, Yapily and Pipe.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.4B | - | ||
| Private | - | - | $524M | - | ||
| Private | $4M | - | $500M | 125.0x | ||
| Private | - | - | $4.5B | - | ||
| Publicly listed | $3.6B | $1.2B | $5.3B | 3.5x | ||
| Publicly listed | $2.1B | $1.4B | $22B | 9.0x |
Alpaca Public Comps
Alpaca is still privately-owned, but its public comps include Fawry, Indian Energy Exchange, Worldline, Flow Traders, Securitize, Sunyard Technology, Marqeta, National Securities, AMTD Digital and CARE Ratings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $166M | $73M | 6.8x | 5.2x | 15.4x | 9.6x | |||
| $64M | $63M | 14.1x | 13.3x | 14.3x | 15.7x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $914M | $243M | 7.3x | 11.0x | 27.6x | 27.2x | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $307M | $10M | 2.2x | - | 69.2x | - | |||
| $625M | $14M | 1.5x | 1.4x | 69.6x | 7.1x | |||
| $159M | $48M | 9.4x | 8.5x | 31.6x | - | |||
This data is available for Pro users. Sign up to see all Alpaca competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Alpaca
| When was Alpaca founded? | Alpaca was founded in 2015. |
| Where is Alpaca headquartered? | Alpaca is headquartered in Tokyo, Japan. |
| Is Alpaca publicly listed? | No, Alpaca is a private, VC-backed company. |
| What is Alpaca's valuation? | Alpaca was last valued at $1.1B in its Series D in January 2026. |
| How much funding has Alpaca raised? | Alpaca has raised $424M across 11 funding rounds. |
| What was Alpaca's last funding round? | Alpaca's last funding round was a undisclosed-stage round in August 2026, led by Krungsri Finnovate. |
| Who are Alpaca's investors? | Alpaca's investors include Portage Ventures, Unbound, Spark Capital, Eric Di Benedetto, Social Leverage, Fathom Capital, Four Cities Capital, NEC Capital Solutions, Archetype Ventures, D4V and 43 others. |
| What is Alpaca's revenue? | Alpaca's latest recorded revenue is $100M (January 2026). |
| What is Alpaca's revenue multiple? | Alpaca's latest valuation implies a 11.5x revenue multiple ($1.1B valuation on $100M of revenue). |
| Which companies are comparable to Alpaca? | Companies comparable to Alpaca include Paxos, A5X, Yapily, Pipe, Marex Group and Tradeweb Markets. |
| How many companies has Alpaca acquired? | Alpaca has acquired 2 companies, including WealthKernel and AlpacaJapan. |
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