New York based fintech company Alpaca has announced a major strategic expansion as it moves towards its ambition for global coverage.
The self-clearing broker-dealer and brokerage infrastructure API which recently appointed former Robinhood and Square executive Nadia Asoyan as its chief financial officer, is backed by major investors to the tune of more than $170 million.
It has announced its intention to acquire UK based WealthKernal, a wealth technology firm that specializes in digital investment infrastructure and tax-advantaged products. Its capabilities enhance and complement Alpaca’s offering and enables the US firm to operate in the UK and European Union as a fully authorized broker-dealer through WealthKernel’s licences.
"The acquisition of WealthKernel is a major step for Alpaca in becoming a truly global brokerage infrastructure. WealthKernel has gained a highly regarded reputation in the UK and EU through working closely with a number of financial institutions," said Yoshi Yokokawa, CEO of Alpaca. "With WealthKernel joining us, we’re directly entering the UK and EU, enhancing our support of global institutions that desire regulated investing across borders."
Completion of the deal is subject to regulatory approval from UK and Spanish regulators.
Alpaca’s technology enables brokers, banks, and fintechs to launch trading, custody, and wealth products quickly, compliantly, and at scale. The ten year old company offers its infrastructure to over 200 fintech-embedded trading platforms across ~40 countries—powering 5 million+ brokerage accounts.
Recently, cryptocurrency platform Kraken partnered with Alpaca to offer US securities to its US based clients, creating a single platform to trade digital assets, fiat currencies, stocks, ETFs, and options.
“We’re excited to congratulate Kraken on their incredible milestone to offer US securities,” added Yokokawa. “Their forward-thinking approach to combine multiple asset types into one consolidated platform shows how dedicated they remain to serving the needs of their global customer base, and we’re thrilled to be a part of their journey.”
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