Alpaca

Name

Alpaca

Legal name

AlpacaDB, Inc.

Website

https://alpaca.markets

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Brokerage Infrastructure Software

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Intermediation and Related Activities (522)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK), Crypto Borrowing & Margin Credit Facilities (FSADAFAC), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Brokerage infrastructure API
• Algorithmic trading platform
• Self-clearing broker-dealer
• Tokenization network equities
• Embedded financial services

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Payment for Order Flow (PFOF) Revenue Share: Receives revenue share of PFOF fees generated through trading volume routed via Alpaca's self-clearing infrastructure; e.g., Binance agreement where Binance receives 50% of Alpaca's PFOF fees and 65% of profit from stock lending
2. Per-Share Commissions (Elite Smart Router): All-in Plan at $0.0040/share and Cost Plus Plan starting at $0.0025/share with volume tiering down to $0.0005/share; applies to non-retail order flow via Alpaca Elite Smart Router with DASH Financial DMA access
3. Margin Interest Spread: Charges 6.25% on margin for non-Elite and 4.75% for Elite users (base + 1.0%); business accounts at 4.75% with Elite Smart Router
4. Stock Lending Revenue Share: Users earn 20% of interest income (Elite users earn 50%) on Fully Paid Securities Lending program; balance retained by Alpaca represents recurring spread revenue
5. Market Data Subscription: Algo Trader Plus tier priced at $99/month for real-time US equities/options market data with unlimited API calls and all US exchanges; free with Alpaca Elite for personal use
6. High-Yield Cash FDIC Sweep Spread: Earns spread on FDIC Bank Sweep program offering 3.30% APY on uninvested cash balances; up to $2.5M FDIC sweep coverage for individual accounts and $1M for end-customers of Broker API partners
7. Business Account Fees: As low as $0.0005 per share with Elite Smart Router for business/institutional accounts with $30,000 minimum; supports prop firms, hedge funds, and international businesses
8. Tokenization-as-a-Service Infrastructure Fees: Revenue from tokenization partners (Backed/xStocks, Ondo, Bitget's Reality, Anchored, Gate) using Alpaca's Instant Tokenization Network API to issue tokenized US equities backed 1:1 by Alpaca-held securities
9. Broker API Platform Licensing: B2B platform licensing where fintech startups, broker-dealers, crypto exchanges, and digital wallets pay to embed Alpaca's Broker API for KYC, account opening, funding, trading, and back-office operations
10. Crypto Trading Fees: Configurable fee model on 35+ coins available 24/7/365 via Alpaca Crypto LLC; supports spot trading, crypto-to-crypto pairs (BTC/USD, BTC/USDT, BTC/USDC), and wallet services with Fireblocks MPC custody
11. Fixed Income Trading Fees: Real-time trading with 2ms execution on US Treasury bills and corporate bonds including callable bonds; aggregated liquidity across multiple providers with transparent retail-friendly pricing

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels10 records

Core offering

Alpaca provides a developer-first, API-centric brokerage infrastructure platform that enables fintechs, broker-dealers, banks, crypto exchanges, and tokenization platforms to embed US stocks, options, ETFs, fixed income, crypto, and tokenized equities trading into their own applications. The platform combines a self-clearing FINRA member broker-dealer (Alpaca Securities LLC, dba Alpaca Clearing) with full-stack REST/FIX APIs covering KYC, account opening, funding, order routing, custody, clearing, and back-office operations, supporting 11,000+ US stocks/ETFs, 35+ crypto coins, US Treasury bills, corporate bonds, and 24/5 extended-hours trading.

Product overview

Alpaca is a unified global brokerage infrastructure platform offering a multi-API architecture centered on three core developer products: the Broker API (end-to-end embedding for fintechs, broker-dealers, banks, and institutions covering KYC, funding, trading, custody, and back-office operations), the Trading API (commission-free algorithmic trading for individual and institutional traders), and the Market Data API (real-time and historical US equities, options, and crypto data). These core APIs power a broad portfolio of asset class modules including US Stocks & ETFs (11,000+), Options (single- and multi-leg), Crypto (spot and 24/7), and Fixed Income (US Treasuries and corporate bonds). Operational features layer on top, including 24/5 Trading (extended hours from 8 PM Sunday to 8 PM Friday ET), Multi-Leg Options, Stablecoin Account Funding (USDC/USDG/USDT), US IPO Access, Local Currency Trading (15+ currencies), OmniSub sub-accounting, Instant Tokenization Network, Stock Lending/FPSL, and High-Yield Cash. The platform is augmented by AI capabilities through the Alpaca MCP Server (connecting Claude, ChatGPT, Cursor, VS Code, PyCharm, and other AI tools for natural language trading) and the Alpaca Elite premium tier for advanced traders, while serving 200+ partners across 40+ countries with FINRA-regulated self-clearing broker-dealer infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Alpaca Crypto: Crypto trading and custody service operated through Alpaca Crypto LLC, a FinCEN-registered Money Services Business.
• Alpaca Elite
• Instant Tokenization Network

Products and services

• Broker API End-to-end API platform enabling fintechs, broker-dealers, banks, and financial institutions to embed stock, options, fixed income, and crypto investing into their applications with self-clearing broker-dealer infrastructure, KYC, account funding, market data, and back-office operations.
• Trading API Commission-free algorithmic trading API for stocks, ETFs, options, and crypto with FIX 4.2 messaging, paper trading sandbox, real-time market data, and 1.5ms order processing powered by Alpaca's next-gen OMS v2.
• Market Data API Real-time and historical US stock, option, and crypto market data API with up to 10,000 API calls/min on Algo Trader Plus tier and 7+ years of historical data; subscription tiers include Free and Algo Trader Plus ($99/mo).
• Alpaca MCP Server Model Context Protocol server connecting AI chat apps, AI CLIs, and IDEs (Claude Desktop, Claude Mobile, ChatGPT, Cursor, VS Code, PyCharm, Claude Code, Gemini CLI, Postman) to Alpaca's Trading API for natural language research, market data access, and trade execution with paper trading support.
• Alpaca Elite Premium algorithmic trading service tier unlocking Elite Smart Router with lower margin rate (4.75%), $0 ETB borrow fees, free Algo Trader Plus market data subscription, premium order types (MOO, MOC, IOC, VWAP, TWAP, DMA), 50% interest income share on stock lending, and white-glove account support.
• Instant Tokenization Network Blockchain-ready infrastructure for issuing and redeeming tokenized US equities on Ethereum or Solana with in-kind minting/redemption, deep liquidity across token variants, and 24/7 API access enabling tokenized equities to act as a single connected market; powers Backed/xStocks, Ondo, Bitget's Reality, Anchored, Dinari, and Kraken xStocks.
• Alpaca Crypto 24/7/365 cryptocurrency spot trading API with 35+ coins, BTC/USD/USDT/USDC pairs, crypto-to-crypto trading, Fireblocks MPC-CMP custody, and stablecoin funding (USDC, USDG, USDT) to trade securities and crypto.
• Business Accounts Trading accounts for hedge funds, prop firms, and businesses with $30,000 minimum, FIX messaging, direct market access, dedicated institutional support, low-latency execution ($0.0005/share via Elite Smart Router), and operation in 196 countries.
• Alpaca-py (Python SDK) Official Python SDK for Alpaca APIs providing Broker, Market Data, and Trading client libraries with full API reference documentation, supporting TradingClient, TradingStream, Account, Positions, Orders, Watchlists, Calendar, Clock, and Corporate Actions endpoints.

Quantifiable outcome

• 94% market share in tokenized US stocks and ETFs
• +10 more outcomes

Named customers37 records

Segments9 records

Ideal customer profiles9 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration25 records

AI capability10 records

Feature10 records

Partnerships

44 partnerships are on record, tiered flagship, strategic and core.

• Bitget (Reality RWA platform)flagshipStrategic or Co-development Partner · 2 June 2026Compliance brokerage partnership connecting rToken stock token products to global liquidity pools on NASDAQ and NYSE; 1:1 reserve backing, dividend distribution, corporate action mapping; rToken AUM surpassed $50M with 500+ stock tokens launched.
• BinanceflagshipStrategic or Co-development Partner · 1 June 2026Binance offers 7,000+ US stocks/ETFs to non-US customers with zero commissions and fractional purchases from $5 using USDC, USDT, and BNB; trades facilitated through broker-dealer Nest Trading and custody by New York-based Alpaca; revenue-sharing agreement disclosed (Binance receives 50% of Alpaca's PFOF fees and 65% of stock lending profit).
• GogiflagshipChannel Partner/ Reseller/ Distributor · 13 May 2026Los Angeles-based AI financial workspace partnered with Alpaca to provide AI agents with brokerage infrastructure APIs serving 7M+ accounts; aggregates real-time data across 20,000+ symbols with enterprise-grade security and user-defined guardrails.
• Wallace FinancestrategicChannel Partner/ Reseller/ Distributor · 17 April 2026Launched direct indexing and customizable ETF platform for retail investors via Alpaca's Broker API; provides US stocks, ETFs, options, fixed-income securities with fractional trading and AI-powered conversational prompts for portfolio customization.
• Anchored FinancestrategicStrategic or Co-development Partner · 16 April 2026Launched tokenized US stocks on Monad's Layer 1 network through partnership with Alpaca's brokerage infrastructure APIs; starting with top 10 Nasdaq-listed equities with 1:1 asset backing, 24/7 transferability, USDC settlement; Hong Kong equities, ETFs, and tokenized fund products to follow.
• JAX Hub (with Paysafe)coreGTM or Marketing Partner · 14 April 2026Selected as one of three US-based fintech companies (alongside Paybotic and Parafin) for JAX Hub's first cohort with Paysafe accelerator program; chosen from 70 applications across 8 countries; supports Jacksonville fintech ecosystem.
• VestostrategicChannel Partner/ Reseller/ Distributor · 23 March 2026Barcelona-based fintech partnered with Alpaca to enhance investment platform in Spain and Andorra; integrates US equities and fixed-income securities to increase financial inclusion and reduce entry barriers.
• NasdaqflagshipTechnology or Integration · 19 March 2026Strategic partnership providing extensive market data via Nasdaq Data partnership; combined with fully automated ACATS portfolio transfers to improve operational efficiency and data quality.
• BridgeWiseflagshipTechnology or Integration · 18 March 2026Strategic partnership integrating BridgeWise's multi-language AI analysis of 70,000+ global securities into Alpaca's Broker API; enables unified 'intelligence-to-execution' experience for brokerages, banks, and financial institutions globally.
• OpenAI (ChatGPT)flagshipTechnology or Integration · 14 March 2026OpenAI integrated Alpaca Markets' data feeds into ChatGPT, allowing users to access real-time and historical market data through natural language queries; enables financial professionals to streamline workflows without switching platforms or writing code.
• triistrategicChannel Partner/ Reseller/ Distributor · 10 March 2026Latin American investing app launched US stock trading in Chile via Alpaca's brokerage infrastructure API; addresses barriers for Chilean retail investors (62% find it difficult to invest) and provides global exposure through low-commission trading.
• MusaffaflagshipChannel Partner/ Reseller/ Distributor · 26 February 2026Global Halal Investment Platform powered by Alpaca's Broker API, providing 600,000+ Muslim investors across 200+ countries with US market access; integrates stock screening, trading, purification calculations, and zakat tracking into a unified system.
• BitsoflagshipChannel Partner/ Reseller/ Distributor · 22 February 2026Strategic integration launched commission-free trading of 5,000+ US-listed stocks and ETFs for Mexican investors; fractional share trading from $1 USD with 24/5 support; plans for options trading and tokenized US equities expansion.
• PT Valbury Asia FuturesstrategicChannel Partner/ Reseller/ Distributor · 22 January 2026Launched US stock trading using Alpaca's technology, making global equities accessible to Indonesian investors with trades from as low as $1 USD; consolidates assets on a single platform.
• KrakenflagshipStrategic or Co-development Partner · 14 January 2026Strategic investor and Series D participant; preferred venue for sourcing/custodying underlying equities for xStocks tokenized equities product outside the US; powers 11,000+ US stocks/ETFs for 15M+ Kraken users; Kraken has its own Alpaca brokerage account integration for US securities access.
• GoTyme BankflagshipChannel Partner/ Reseller/ Distributor · 7 December 2025Launched cryptocurrency trading in the Philippines using Alpaca's Broker API; enables customers to invest in 11 cryptocurrencies including Bitcoin, Ethereum, and Solana; targets 76% unbanked/underbanked population with simplified onboarding via existing bank accounts.
• Global Dollar Network (USDG)flagshipStrategic or Co-development Partner · 29 October 2025Integrated USDG stablecoin on the Solana blockchain via Global Dollar Network; Alpaca's first multi-chain support enabling deposits and withdrawals outside of Ethereum; expands stablecoin funding options alongside USDC and USDT.
• GotradestrategicChannel Partner/ Reseller/ Distributor · 27 October 2025Launched US options trading in Southeast Asia with Alpaca, providing retail investors access to derivatives through mobile platform; aims to democratize options trading previously limited to institutional clients.
• Abyan CapitalflagshipChannel Partner/ Reseller/ Distributor · 20 October 2025Launched Shariah-compliant, self-directed trading platform for US equities targeting Saudi investors; offers various funding options and Shariah-compliance tools, supported by Alpaca's brokerage API; aligns with Saudi Vision 2030.
• Ondo FinanceflagshipStrategic or Co-development Partner · 17 June 2025Co-founding member of Ondo Global Markets Alliance with Solana Foundation, Bitget Wallet, Trust Wallet, Rainbow Wallet, Jupiter, BitGo, Fireblocks, 1inch; develops shared standards for tokenized real-world assets; Ondo Global Markets platform to enable non-US users on-chain exposure to US stocks/ETFs/mutual funds via Alpaca.
• SBI HoldingsflagshipStrategic or Co-development Partner · 12 October 2023Strategic partnership announced October 2023 with $15 million investment to expand Asian business; enables Alpaca to extend brokerage services in Japan and other Asian countries via recently acquired broker-dealer license under Japan FSA; SBI is also listed as Series D investor and existing customer powering SBI Securities' offerings.
• TradingViewflagshipTechnology or IntegrationDeep integration as a featured OAuth app and direct brokerage partner; Alpaca users can trade commission-free across 11,000+ assets via TradingView with advanced charting, indicators, and options support.
• FireblocksflagshipTechnology or IntegrationCrypto custody infrastructure partnership; Alpaca Crypto maintains customer cryptocurrency in wallets secured by Fireblocks' MPC-CMP architecture for industry-leading self-custody security.
• QuantConnectflagshipTechnology or IntegrationEnd-to-end quant trading platform integration; Alpaca users can leverage 301K quant community, 500K+ monthly backtests, $5B monthly volume, and 150+ demo strategies with commission-free trading on 11,000+ assets.
• DASH Financial TechnologiesflagshipTechnology or IntegrationProvides Direct Market Access Gateway for Alpaca Elite Smart Router users; DASH is a member of listed exchanges enabling low-latency, direct order book connectivity and comprehensive order types for precise execution.
• Anthropic (Claude)flagshipTechnology or IntegrationMCP Server integration enables Claude Desktop, Claude Mobile, and Claude Code users to research markets, analyze data, place trades, and execute strategies via natural language commands powered by Alpaca's Trading API.
• OpenAI (ChatGPT)flagshipTechnology or IntegrationMCP Server integration allows ChatGPT users to place trades and view portfolio in ChatGPT using Alpaca's Trading API with full prompt/parameter/order payload visibility before market execution.
• PlaidflagshipTechnology or IntegrationPayments/financial data connectivity partner; enables Alpaca customers to fund accounts via Plaid ACH transfers and connect bank accounts.
• MastercardstrategicTechnology or IntegrationLeading global payments and technology partner connecting consumers, businesses, merchants, issuers, and governments; featured enablement partner on Alpaca partnerships page.
• AirwallexstrategicTechnology or IntegrationBusiness account and global payments partner; modern business banking infrastructure supporting Alpaca's international expansion.
• NasdaqflagshipTechnology or IntegrationStock market data, news, quotes, and analysis reports partner; featured enablement partner under Data category; Alpaca also became Nasdaq Exchange Member in 2025.
• Checkout.comcoreTechnology or IntegrationPayment processing partner offering more payment methods and currencies; featured on enablement partners page.
• CurrencycloudcoreTechnology or IntegrationMulti-currency payments and FX partner enabling movement of money globally; supports Alpaca's Local Currency Trading across 15+ currencies.
• Eflow GlobalcoreTechnology or IntegrationRegulatory compliance solutions partner for financial services industry covering market abuse, best execution, and regulatory reporting.
• IntuitcoreTechnology or IntegrationGlobal technology platform for consumers and small businesses; featured enablement partner.
• MSCIcoreTechnology or IntegrationFinancial markets data and infrastructure partner; featured enablement partner under Data category.
• NiumcoreTechnology or IntegrationGlobal payment services partner for Pay Out, Pay In, and Card Issuance; featured enablement partner.
• RefinitivcoreTechnology or IntegrationOne of the world's largest providers of financial markets data and infrastructure; featured enablement partner.
• SanlamcoreTechnology or IntegrationFinancial services group helping people, families, businesses and charities organize and grow wealth; featured enablement partner.
• Sila MoneycoreTechnology or IntegrationBanking-as-a-Service API partner for KYC, bank account linking, and money transfers; featured enablement partner.
• SyncteracoreTechnology or IntegrationEnables FinTech builders and community banks to build the future of banking together; featured enablement partner.
• WisecoreTechnology or IntegrationInternational money transfer and FX partner; featured enablement partner.
• Gate (Gate TradFi)flagshipStrategic or Co-development PartnerIntegration with US-licensed broker Alpaca for compliant brokerage infrastructure; Gate Stocks covers 10,000+ US stocks/ETFs and 1,500 Hong Kong stock targets; SpaceX IPO placements via Pre-IPO service.
• Backed FinanceflagshipChannel Partner/ Reseller/ DistributorSwiss-based tokenization platform issuing xStocks tracker certificates; uses Alpaca's Instant Tokenization Network for underlying equity custody with 1:1 backing; David Henderson (Head of Growth at Backed) cited Alpaca's brokerage rails as enabling tokenization at scale.

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Bitstamp: Bitstamp (a Robinhood-owned crypto exchange) offers US stock and crypto trading and is increasingly a tokenization and TradFi-on-chain competitor. It overlaps with Alpaca's crypto-exchange embedded brokerage segment and competes for crypto-native platforms seeking US-equities access.
• FalconX: FalconX is an institutional digital-asset prime brokerage providing trading, credit, and custody for crypto. While more institutional-focused, it competes for tokenization and TradFi-bridge workflows, particularly with the same crypto exchange and tokenization partners that route through Alpaca.
• Stripe: Stripe's embedded-finance and Treasury/Banking-as-a-Service products increasingly overlap with Alpaca's BaaS ambitions, offering fintechs financial infrastructure including KYC, account opening, and money movement. While not a direct brokerage competitor, it is the broader embedded-finance incumbent Alpaca intersects with in the fintech-platform layer.
• Coinbase: Coinbase is a publicly-traded crypto exchange and brokerage that is increasingly offering US equities, tokenized assets, and AI-trading features. As a Tier-1 crypto-native platform adding traditional securities, it competes with Alpaca for crypto-to-TradFi execution flow, particularly with crypto-exchange partners.

Direct peers

• Apex Fintech Solutions: Apex Fintech Solutions (parent of Apex Clearing) provides clearing and infrastructure for broker-dealers, fintechs, and crypto platforms, including the SoFi and Webull ecosystems. It competes directly with Alpaca Clearing on self-clearing, custody, and API-first broker-dealer-as-a-service offerings.
• DriveWealth: DriveWealth is a global embedded-finance and brokerage infrastructure provider that powers US fractional-share investing for neobrooks and fintech apps in emerging markets. It is a direct competitor to Alpaca's Broker API in the embedded/international brokerage segment, especially in Latin America and Asia.
• Tradier: Tradier is a brokerage-as-a-service platform offering a Brokerage API that enables fintechs, RIAs, and developers to embed US equities and options trading into their applications. It directly competes with Alpaca's Broker API on developer-first brokerage embedding, account opening, and order routing for fintech builders.
• TradeStation: TradeStation is a multi-asset online brokerage with a strong API and algorithmic-trading platform for stocks, options, futures, and crypto. It directly overlaps with Alpaca's Trading API and Elite Smart Router for individual and institutional algorithmic traders, and competes in prop firm and quant segments.
• Interactive Brokers: Interactive Brokers is a direct API-first brokerage competitor, offering IBKR APIs for algorithmic and institutional traders with multi-asset (stocks, options, futures, fixed income, FX) global execution. Alpaca's CEO Yoshi Yokokawa has publicly stated Alpaca aims to compete with Interactive Brokers, and both serve quant traders, prop firms, and broker-dealer clients with low-latency infrastructure.

Emerging players

• Backed Finance: Backed Finance (issuer of xStocks tokenized equities on Solana) is both a customer of Alpaca's Instant Tokenization Network and an emerging tokenization peer. It is included here because it competes in the same RWA/tokenized-equities category, even though its underlying custody rails run on Alpaca.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AlpacaHQ
• GitHubgithub.com/alpacahq
• LinkedInlinkedin.com/company/9300556
• Facebookfacebook.com/alpacahq

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds15 records

Investors55 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alpaca