How PASHA Capital and Birbank Invest are Expanding Global Market Access in Azerbaijan

Individual investors in Azerbaijan often face significant barrierswhen looking to access global financial markets.¹ Geographic limitations, underdeveloped capital markets, complex onboardingrequirements, and limited product availability have made it difficult for everyday investors to participate in global investing.²

However, since 2020, holdings of US equities in Azerbaijan have increased from $2 billion USD to just over $9 billion USD, according to the US Department of Treasury.³ This growth emphasizes both the increase in demand and access, as Azerbaijan has made progress in financial inclusion, driven in part by the adoption of digital solutions.⁴ Despite this growth, there remains a significant opportunity to expand access to digital financial services and increase the number of mobile trading apps.^5,6

To address this, Kapital Bank collaborated with PASHA Capital to launch Birbank Invest, the country’s first bank-backed mobile investment app, designed to connect first-time investors and professional traders with global markets.⁷ We recently spoke with Rauf Farajli, Product Owner at Birbank Invest, and Elshad Ibrahimov, Head of the Treasury Department at Kapital Bank, about how Birbank Invest is helping redefine how Azerbaijani investors engage with the global economy.

Identifying the Gaps in Local Investment

Founded in 2025, Birbank Invest was created to simplify the experience and address the need for a more accessible investment framework. By creating an app within the Birbank brand, which has over 3.5 million active users*, Birbank Invest aims to make investing more accessible, affordable, and intuitive for the region.⁸

“The regional financial landscape has been historically defined by administrative friction and a lack of transparent options for everyday investors,” Farajli added. “Many existing solutions relied on complex derivatives, such as contracts for difference (CFDs), rather than providing direct equity ownership. This created a gap between the desire of local citizens to build international portfolios and the practical reality of the tools available to them.”

The launch of Birbank Invest was more than just a product release. It represented a new, transparent, and secure way to access global financial markets for local investors.

“As mobile investing in Azerbaijan continues to develop, we see significant growth potential and remain focused on building a platform that is simple for newcomers and efficient for experienced investors,” added Farajli.

Engineering a Global Solution with Alpaca

To develop their platform, PASHA Capital and Kapital Bank collaborated with Alpaca, leveraging our Broker API technology to enable Azerbaijani users to invest directly in US markets through a localized mobile experience

“The key to successful digital banking in the modern world lies in strong integration and reliable partnerships,” said Ibrahimov. “Our primary goal wasn't just to provide market access, but to make the process as safe, fast, and seamless as possible for our customers.”

Access to over 12,000 US stocks and ETFs from their mobile devices
Fractional share trading, allowing users to start investing with as little as $1 USD
Direct ownership of US equities, rather than CFDs
Real-time portfolio tracking
Instant funding from Birbank cards or bank accounts
Streamlined, fully digital onboarding processes
SIPC Insurance Coverage of up to $500,000*

Additionally, the platform offers transparent pricing and competitive commission rates, and high-level security protocols.

“The success of Birbank Invest rests on three powerful pillars: the trusted banking infrastructure of Birbank, the trademark of Kapital Bank, which serves millions of users, the licensed professional brokerage expertise of PASHA Capital, and the cutting-edge API technology of Alpaca,” added Ibrahimov. “It is Alpaca’s innovative infrastructure that enabled Birbank to offer users direct access to US stock markets without ever leaving the app. This streamlined integration helped reduce complex account opening procedures, mountainous paperwork, and geographic barriers, making the investment process as simple as a daily bank transfer."

"We are proud to support Birbank Invest as they build a more inclusive financial ecosystem in Azerbaijan,” said Yoshi Yokokawa, Co-founder and CEO of Alpaca. “By leveraging our global brokerage infrastructure, initiatives like Birbank Invest are paving the way for millions of users to participate in the global economy.”

As we move further into the year, the platform's performance and surging user interest serve as a testament to the timeliness of the collaboration.

Future of Investment in Azerbaijan

Since its launch on the App Store and Google Play, Birbank Invest has been downloaded by over 90,000 users and has been ranked among the top financial apps in Azerbaijan. The early traction reflects a broader trend: strong demand for accessible, mobile-first investment tools in emerging markets.

“The rapid adoption and popularity of Birbank Invest confirm that we are on the right path,” said Ibrahimov. “The collaboration between Birbank Invest, PASHA Capital, and Alpaca did more than just create an app. It laid the foundation for a new investment culture in Azerbaijan. Today, for every Azerbaijani, being part of the global economy is just a tap away.”

By removing geographic barriers and simplifying the entry process, Birbank Invest is making global market participation a reality for local Azerbaijani investors. The company's broader mission is to deliver more investment products to the local market and increase financial literacy and long-term financial stability in Azerbaijan.

Contact Alpaca

About Alpaca

Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing, and more. Today, Alpaca powers over 10 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $320M in funding.

About Kapital Bank

Founded in 1874 and headquartered in Baku, Kapital Bank is a financial institution with the largest service network in Azerbaijan. Kapital Bank serves more than 5 million individuals and more than 27,000 legal entities. The Bank’s Birbank mobile app, with over 3 million users, plays a transformative role in shaping digital banking behaviors in the country. In line with its innovation agenda, Kapital Bank is a founding pillar of the Bir ecosystem, the first fully integrated digital ecosystem in the Caucasus region, delivering advanced digital financial solutions that enhance the customer experience beyond traditional banking.

About PASHA Capital

Founded in 2012, PASHA Capital Investment Company is one of the leading investment companies in Azerbaijan, catering to retail and wholesale clients. Services include brokerage, margin trading, underwriting, and financial advisory, with products including fixed income securities, foreign exchange, equities, and different types of derivatives.

About Birbank Invest

Birbank Invest is Azerbaijan’s first bank-backed investment app, created by Kapital Bank in collaboration with PASHA Capital Investment Company. Designed for both beginner and experienced investors, the app offers a secure, simple, and fully digital gateway to global financial markets.

References:

*Alpaca Securities LLC has purchased an additional insurance policy through Lloyd's of London to supplement SIPC protection known as Excess SIPC Coverage. The additional insurance becomes available to customers in the event that SIPC limits are exhausted. The excess coverage provides protection for any Alpaca Securities customer up to $75 million in securities and $75 million in cash, and is covered at an aggregate limit of $250 million across all Alpaca Securities customer accounts. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.

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