MoonPay is expanding beyond crypto and digital-asset payments with an agreement to acquire North Capital Investment Technology, bringing regulated private-markets infrastructure, brokerage services and secondary trading capabilities into its financial technology platform.

MoonPay has entered into a definitive merger agreement to acquire North Capital Investment Technology, a private-markets infrastructure provider that combines API-first technology with regulated financial services. If completed, the transaction will make North Capital a wholly owned subsidiary of MoonPay and broaden the fintech company’s infrastructure into private securities, brokerage and tokenized financial assets.

The deal gives MoonPay access to a set of capabilities spanning capital raising, asset management, clearing, custody and secondary trading for exempt securities. North Capital also provides investor onboarding, transaction processing and subscription escrow technology, while its PPEX ATS operates as a registered alternative trading system for secondary-market transactions.

The acquisition comes as financial institutions and fintech companies increasingly explore blockchain-based representations of traditional financial assets. Rather than treating tokenization solely as a crypto-market application, financial infrastructure providers are positioning blockchain technology as another layer for issuing, transferring, settling and managing securities.

That shift is creating demand for infrastructure that combines blockchain capabilities with established securities-market controls. McKinsey estimates that tokenized financial assets could reach approximately $2 trillion in market capitalization by 2030, excluding cryptocurrencies and stablecoins. The consultancy identifies mutual funds, bonds, exchange-traded notes, loans, securitization and alternative funds among the asset classes that could drive adoption.

MoonPay’s proposed acquisition therefore addresses a different part of the digital-asset market than traditional crypto exchanges or payment platforms. North Capital’s regulated operating businesses include broker-dealers, an alternative trading system, a transfer agent and an investment adviser. Its infrastructure has supported more than $8.7 billion in primary and secondary transaction volume, according to the companies, while PPEX has more than 1,250 approved assets available for secondary-market trading.

The distinction between digital-asset technology and securities infrastructure is becoming increasingly important in the United States. The Securities and Exchange Commission said in January 2026 that tokenized securities remain securities under federal securities laws, while describing tokenized securities as financial instruments represented by crypto assets with ownership records maintained partly or entirely through crypto networks.

Regulatory developments have also accelerated around onchain securities infrastructure. In September 2026, the SEC approved temporary, conditional exemptive relief allowing certain tokenized securities venues to trade tokenized national market system stocks using specified onchain mechanisms. That development illustrates why regulated market infrastructure is becoming a central component of the tokenization ecosystem rather than an optional layer added after the technology is built.

For MoonPay, North Capital potentially fills that infrastructure gap. The company has historically been associated with fiat-to-crypto transactions and digital-asset access, but its strategy has increasingly moved toward broader financial infrastructure. The North Capital transaction could extend that strategy into the issuance, custody, trading and administration of regulated private-market assets.

For private-market participants, the combination could also address a persistent technology problem: fragmented workflows. Issuers, fund managers, intermediaries and investors often interact with separate systems for onboarding, payments, compliance, custody, transaction processing and secondary-market activity. Deloitte’s 2026 research on private-market technology similarly identifies fragmented spreadsheets and disconnected data across CRM, accounting and investment systems as an operational challenge for private-market firms.

An integrated API-based platform could make these workflows more interoperable, although the acquisition alone does not guarantee that outcome. MoonPay will still need to integrate North Capital’s regulated businesses, technology stack and client relationships while maintaining the compliance requirements attached to securities brokerage, custody, transfer-agent and trading activities.

The competitive landscape is consequently broader than crypto. Banks, exchanges, asset managers, fintech companies and specialist digital-asset infrastructure providers are all developing pieces of the tokenized-finance stack. Traditional financial institutions bring regulatory relationships and market infrastructure, while fintech and blockchain providers are developing programmable settlement, digital asset issuance and API-driven financial services.

MoonPay’s proposed acquisition places it closer to the infrastructure layer connecting those two markets. Its significance will depend less on adding another digital-asset product and more on whether the combined platform can make regulated private-market transactions easier to issue, administer, settle and trade.

The transaction remains subject to regulatory approvals and customary closing conditions. Until completion, North Capital remains a separate company. If the deal closes, MoonPay will inherit a regulated securities infrastructure business at a time when tokenization is moving from experimentation toward more practical financial-market applications.

Market Landscape

The financial technology market is increasingly converging around tokenized assets, programmable financial infrastructure and API-based capital-markets services. McKinsey’s $2 trillion 2030 estimate underscores the potential scale of tokenization, but the firm also notes that adoption remains dependent on regulatory clarity, infrastructure maturity and interoperability.

Private markets are another important part of this transition. Technology providers are moving beyond individual point solutions toward platforms covering investor onboarding, fund administration, custody, transaction processing and secondary liquidity. Deloitte describes this movement as a shift from fragmented workflows toward unified technology and data platforms.

MoonPay’s North Capital transaction sits at the intersection of these trends: digital assets + regulated securities infrastructure + private-market technology + secondary-market liquidity.

Top Insights

• MoonPay’s North Capital acquisition would extend its financial infrastructure into regulated private securities, brokerage, custody and secondary-market trading.
• North Capital has processed more than $8.7 billion in primary and secondary transactions, according to the companies.
• PPEX ATS gives the combined platform an existing regulated venue for secondary trading of eligible private-market assets.
• McKinsey projects roughly $2 trillion in tokenized financial assets by 2030, excluding cryptocurrencies and stablecoins.
• Recent U.S. regulatory developments are creating clearer pathways for tokenized securities and onchain market infrastructure.

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