“Can one developer-first API become the global de facto brokerage infrastructure for embedded investing?”
Alpaca began in 2015 as a machine-learning/database company (MarketStore) before pivoting into brokerage infrastructure — becoming a FINRA-registered broker-dealer in 2018 and shipping a developer-first commission-free trading API. Since then it has moved steadily up the stack: from an introducing broker relying on a clearing partner, to a fully self-clearing broker (DTCC 2023, self-clearing 2024, OCC/FICC/Nasdaq 2025). Its current thesis is embedded investing infrastructure globally — powering fintechs, neobanks, and tokenization platforms in 40+ countries with a single API for equities, options, fixed income, and crypto, plus embedded high-yield cash and stock lending.
Alpaca discloses Alpaca Clearing (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Alpaca does not disclose a bank charter of its own; its banking services are provided through Alpaca Clearing (in-house).
Alpaca processes payments through Checkout.com.
Alpaca uses Onfido for KYC and identity verification.
Alpaca's lending and capital products are provided by Alpaca Clearing (in-house).
Alpaca connects to bank accounts through Plaid.
Alpaca uses Currencycloud and Airwallex for FX and cross-border payouts.
Alpaca's crypto products run on Alpaca Crypto (in-house).
Alpaca's investing and wealth products are powered by Equity Trust Company.
Alpaca integrates with Intuit (QuickBooks).
The Embedded Finance Index 2026 maps 11 layers in Alpaca's stack: Payments / PSP (Checkout.com); Banking / BaaS (Alpaca Clearing (in-house)); Lending (Alpaca Clearing (in-house)); Open banking (Plaid); Unified APIs (Currencycloud); KYC (Onfido); FX & payouts (Currencycloud and Airwallex); Crypto (Alpaca Crypto (in-house)); Investing (Equity Trust Company); Accounting (Intuit (QuickBooks)); Treasury (Alpaca FDIC Bank Sweep Program (multi-bank)).
Alpaca was founded by Yoshi Yokokawa and Hitoshi Harada and is founded in 2015, headquartered in San Mateo, California, USA.
Alpaca has raised $327.9M in total.
Get a read on where your own stack stands against Alpaca and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.