Capital One Financial Corporation has signed a definitive agreement to acquire Brex in a stock-and-cash transaction valued at $5.15 billion, expanding its push into business payments and spend management. Brex operates an AI-native finance platform that combines corporate cards, expense automation, and real-time payments, with AI agents designed to streamline workflows and tighten spending controls.
Capital One Founder, Chairman, and Chief Executive Officer Richard D. Fairbank said, “Since our founding, we set out to build a payments company at the frontier of the technology revolution,” adding that the acquisition “accelerates this journey, especially in the business payments marketplace.” Fairbank also noted Brex’s integrated approach across cards, software, and banking, describing the platform as built from “the bottom of the tech stack to the top.”
Founder and CEO Pedro Franceschi said the partnership with Capital One will help accelerate Brex’s next phase of growth by combining its payments and spend management software with Capital One’s scale, underwriting strength, and brand. He added that this combination is expected to speed up the delivery of improved financial solutions to millions of businesses across the U.S. mainstream economy.
Franceschi will continue to lead Brex after closing, expected mid-2026, subject to customary conditions. Capital One reported $475.8 billion in deposits and $669 billion in total assets as of December 31, 2025. Advisors include BofA Securities and Wachtell for Capital One, and Centerview Partners and Wilson Sonsini, Simpson Thacher, and Skadden for Brex.
