Alpaca Targets Indian Market Expansion with Strategic Acquisition of GIFT City Broker Zincmoney
Japanese-founded, U.S.-based brokerage infrastructure provider Alpaca announced its intent to acquire Zincmoney IFSC Private Limited, a move designed to secure a regulatory foothold in India’s burgeoning financial services sector.
The transaction centers on Zincmoney’s operations within the Gujarat International Finance Tec-City (GIFT City), India’s tax-neutral financial hub. By acquiring Zincmoney, a broker-dealer regulated by the International Financial Services Centres Authority (IFSCA), Alpaca aims to bypass the lengthy process of organic licensure and immediately establish an operational entry point into the region.
This acquisition is a strategic play to facilitate cross-border capital flows. Alpaca intends to utilize Zincmoney’s existing infrastructure to offer Indian investors compliant access to U.S. securities and other international assets. Additionally, the deal includes Zincmoney’s Payment Service Provider (PSP) technology, which will be integrated to handle domestic payment transfers—a critical component for friction-free investing in the Indian market.
"The acquisition of Zincmoney is critical to building truly global brokerage infrastructure," said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. Yokokawa emphasized that the deal allows the firm to leverage Zincmoney’s established relationships with Indian financial institutions and fintechs.
Upon regulatory approval, Zincmoney executive Mayuresh Kini is slated to transition into the role of CEO of Alpaca India. Kini noted that the merger would combine Alpaca’s global API infrastructure with Zincmoney’s local regulatory expertise and distribution networks.
Alpaca, a heavy hitter in the embedded finance space with over $170 million in funding and 9 million brokerage accounts globally, views India as a high-growth priority. The deal brings Zincmoney’s parent company capabilities—backed by venture capital firms such as Nexus Venture Partners and Quona Capital—under the Alpaca umbrella.
The financial terms of the deal were not disclosed, and the acquisition remains subject to final approval from the IFSCA.
Norbert Gehrke
