Capital One has agreed to acquire Brex in a $5.15 billion stock-and-cash deal, combining Capital One's scale with Brex's AI-native spend management and payments platform to enhance business finance solutions.
Capital One Financial Corporation has entered into a definitive agreement to acquire Brex, a leading AI-native intelligent finance platform, in a transaction valued at $5.15 billion combining stock and cash. This move strengthens Capital One's position in the business payments and spend management space.
Brex offers a modern platform that simplifies corporate card issuance, automates expense management, enables secure real-time payments, and uses AI agents to streamline complex workflows, reduce manual reviews, and control spending effectively.
“Since our founding, we set out to build a payments company at the frontier of the technology revolution,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer of Capital One. “Acquiring Brex accelerates this journey, especially in the business payments marketplace.”
“Brex invented the integrated combination of corporate credit cards, spend management software and banking together in a single platform. They have taken the rarest of journeys for a fintech, building a vertically integrated platform from the bottom of the tech stack to the top,” added Fairbank.
The acquisition brings together Brex's expertise in payments and spend management software with Capital One's extensive scale, sophisticated underwriting capabilities, and strong brand to deliver enhanced finance solutions to businesses across the U.S. mainstream economy.
“We started Brex in 2017 as a category creator – bringing together financial services and software into one AI-native platform,” said Pedro Franceschi, Founder and CEO of Brex. “Now we get to supercharge our next chapter in partnership with the team at Capital One. Together, we’ll maximize founder mode by combining Brex’s payments expertise and spend management software with Capital One’s massive scale, sophisticated underwriting, and compelling brand to accelerate growth and increase the speed at which we can offer better finance solutions to the millions of businesses in the U.S. mainstream economy.”
Upon closing, Franceschi will continue to lead Brex as part of Capital One, ensuring continuity and momentum for the platform's growth.
The transaction is anticipated to close in the middle of calendar year 2026, subject to standard closing conditions.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $475.8 billion in deposits and $669.0 billion in total assets as of December 31, 2025. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom. For more information, visit capitalone.com, capitalone.com/about/newsroom/, and investor.capitalone.com.
About Brex
Brex is the intelligent finance platform that empowers growing companies to spend smarter and move faster – in more than 50 countries. By combining the world's smartest corporate card with intuitive spend management software and banking, Brex enables founders and finance teams to accelerate operations, gain real-time visibility, and control spend effortlessly. Brex’s AI-powered automation and world-class service eliminate manual expense and accounting tasks for customers. Over 25,000 of the world's best companies, from startups to enterprises, run their finances on Brex – including DoorDash, TikTok, Anthropic, Robinhood, Crowdstrike, Zoom, Plaid, Intel, SeatGeek and the Boston Celtics.
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