Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 4 companies across 3 categories.
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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.
Other BaaS providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/alpaca/install" width="1" height="1" alt="" style="display:none">4 companies are linked to Alpaca in the Embedded Finance Index 2026, through their own public disclosures or Alpaca's published customer list, including Gotrade, Bloom, Composer and Sarwa.
Alpaca is an embedded-finance provider in BaaS, Crypto / Stablecoin and Lending. It ranks #101 of 340 BaaS providers by linked companies.
The most-named BaaS alternatives to Alpaca are Evolve Bank & Trust (71 buyers), Sutton Bank (63 buyers), Cross River (56 buyers), Pathward (48 buyers), ClearBank (39 buyers) and Thread Bank (35 buyers).
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.
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