Alpaca, a US-based self-clearing broker-dealer, has announced its plan to acquire WealthKernel, a firm providing digital investment infrastructure and tax-advantaged products within the UK and the European Union (EU).
The financial terms of the deal were not disclosed.
This acquisition aims to bolster Alpaca’s global expansion by integrating WealthKernel’s licensed brokerage capabilities into its operations.
It will enable Alpaca to function as a fully authorised broker-dealer in the UK and EU markets, owing to WealthKernel’s existing licenses. This move complements Alpaca’s existing trading infrastructure with WealthKernel’s expertise in wealth management products, such as individual savings accounts (ISAs) and self-invested personal pensions (SIPPs).
Alpaca CEO Yoshi Yokokawa said: “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.
“With WealthKernel joining us, we’re directly entering the UK and EU, enhancing our support of global institutions that desire regulated investing across borders.”
Alpaca has raised over $170m to date from Portage Ventures, Spark Capital, and Horizons Ventures among others. The company offers a brokerage infrastructure for various asset classes, including stocks, exchange-traded funds (ETFs), options, cryptocurrency, and fixed income.
In contrast, WealthKernel focuses on providing modern wealth management products and compliance solutions for regulated entities in the UK and EU.
The deal is set to combine the strengths of both firms in brokerage operations, compliance, and technology.
Alpaca recently appointed Nadia Asoyan as CFO, bringing her fintech leadership experience from Robinhood and Square. This leadership addition is expected to further strengthen Alpaca’s organisational framework as it continues to operate across North America, Europe, and Asia.
Earlier this year, Alpaca partnered with Kraken to offer commission-free US equities trading to the latter’s US clients. This move aligns with Alpaca’s goal of expanding its brokerage infrastructure services globally.
However, completion of the WealthKernel acquisition is contingent upon approval from regulatory bodies including the UK Financial Conduct Authority and Spain’s Comisión Nacional del Mercado de Valores.
WealthKernel CEO Karan Shanmugarajah said: “Joining forces with Alpaca will allow us to scale our mission faster, while maintaining the high standards our clients expect.
“We’re excited to bring our regulatory expertise and deep product set to Alpaca’s global platform.”
In addition to this acquisition, Alpaca secured $52m in Series C funding in April 2025. This round saw contributions from new and existing investors such as Derayah Financial and Portage Ventures.
The funding aims to enhance Alpaca’s expansion efforts and development of its product offerings from its new office in Manhattan, New York.
