Alpaca to Acquire GIFT City Broker-Dealer Zincmoney IFSC, Enters India Market

What Happened

On January 7, 2026, Alpaca announced its intention to acquire Zincmoney IFSC Private Limited, a broker-dealer regulated by the International Financial Services Centres Authority (IFSCA) and operating from GIFT City. The acquisition provides Alpaca with India-focused brokerage licences and infrastructure, serving as an entry point into the Indian market. The deal gives the U.S.-based brokerage API provider access to Indian brokerage licenses and infrastructure through a special financial zone that is targeting global firms seeking a regulated entry point into India's market.

Who Decided and Why

Yoshi Yokokawa, Co-Founder and CEO of Alpaca, said 'The acquisition of Zincmoney is critical to building truly global brokerage infrastructure.' Zincmoney has established itself in GIFT City by working closely with Indian financial institutions and fintechs. With their team and licenses joining Alpaca, the company is excited to serve the Indian market as a regulated broker-dealer while supporting partners who need compliant access to US securities and other investing solutions.

Mayuresh Kini of Zincmoney IFSC stated, 'Joining Alpaca allows us to accelerate what we set out to build—making global investing and IFSC products accessible to Indian households through the partners they already trust.'

What Zincmoney Brings

Zincmoney brings capabilities across Indian and global investing, including access to international securities, IFSC-listed products, and diversified portfolio solutions designed for overseas education and restricted stock unit (RSU) management. These will complement Alpaca's multi-asset brokerage infrastructure, like US stocks and options, which enables partners to embed trading, custody, and wealth products via modern APIs for the next generation of investing experiences. The intended acquisition includes Zincmoney's PSP to facilitate customer payments and transfers across India.

What Changes for Alpaca

The combination unites teams with deep experience in brokerage operations, compliance, and embedded finance between Alpaca's global infrastructure with Zincmoney's local market expertise of the Indian regulatory and distribution landscape. This strategic acquisition serves as an operational entry point and accelerates Alpaca's global expansion into one of the world's fastest-growing markets. This intended acquisition further cements Alpaca's leading position as a full-stack global brokerage infrastructure provider—enabling brokers, banks, and fintechs to launch investing and wealth products quickly, compliantly, and at scale.

What's Next: Regulatory Path

Completion of the acquisition remains subject to regulatory approval from the International Financial Services Centres Authority (IFSCA). Mayuresh Kini will transition to CEO of Alpaca India post regulatory approvals. GIFT City hosts over 1,000 registered entities, including 38 global and Indian banks with combined assets exceeding $100 billion.

Context: GIFT City as an Acquisition Destination

The deal gives the U.S.-based brokerage API provider access to Indian brokerage licenses and infrastructure through a special financial zone that is targeting global firms seeking a regulated entry point into India's market. Operating with its own market watchdog, GIFT City brings a model similar to Dubai's International Financial Centre (DIFC), which houses over 70 brokerage firms under the oversight of the Dubai Financial Services Authority (DFSA). Last year StoneX also joined the special economic zone, which plans to replicate the success of DIFC in the Middle East.