Key insight: Capital One will expand its business payments capabilities by acquiring Brex for $5.15 billion in cash and stock.
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What’s at stake: Brex offers corporate card services, expense management and payments solutions for businesses, especially startups.
Forward look: Capital One expects the deal to close in mid-2026.
This is a developing story. It will be updated.
Capital One Financial announced Thursday that it will acquire payments-focused fintech Brex in a deal valued at $5.15 billion.
The half-cash-half-stock deal, expected to close in mid-2026, marks the bank’s latest acquisition, following its landmark purchase of Discover Financial Services last year for $51.8 billion.
McLean, Virginia-based Capital One said it entered into a merger agreement with Brex on Thursday, as it simultaneously announced fourth-quarter earnings that beat expectations.
“Since our founding, we set out to build a payments company at the frontier of the technology revolution,” Capital One Chairman and CEO Richard Fairbank said in a prepared statement. “Acquiring Brex accelerates this journey, especially in the business payments marketplace.”
Capital One plans to spend about $950 million on transaction-related costs, including integration and retention compensation incurred over the next three years.
Brex offers corporate card services, expense management and payments solutions for businesses, especially startups. The company has partnered with other financial institutions like Stripe and Fifth Third in the last year to expand its product suite and its distribution network.
Brex Founder and CEO Pedro Franceschi said in a prepared statement that the deal will “supercharge” growth “by combining Brex’s payments expertise and spend management software with Capital One’s massive scale, sophisticated underwriting, and compelling brand.”
Franceschi will continue to lead the fintech as part of Capital One.