Capital One is acquiring payments startup Brex for $5.15 billion, marking another major deal under CEO Richard Fairbank.
The bank announced the deal in its fourth quarter earnings report.
Brex was previously valued at $12.3 billion.
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Brex is an AI-native finance platform that helps businesses issue corporate cards, automate expense management, and make secure, real-time payments, while using AI to streamline workflows and control spending.
“Since our founding, we’ve aimed to build a payments company at the forefront of technological innovation,” said Richard D. Fairbank, Founder, Chairman, and CEO of Capital One. “The acquisition of Brex accelerates that vision, particularly in the business payments market.”
“Brex pioneered the integration of corporate cards, spend management software, and banking in a single platform,” Fairbank added. “They’ve taken a rare path in fintech by building a fully vertically integrated platform from the core technology to the user experience.”
“We founded Brex in 2017 to create a new category by combining financial services and
software into a single AI-native platform,” said Pedro Franceschi, Founder and CEO of Brex.
“Partnering with Capital One accelerates our next chapter, bringing together Brex’s payments, and spend management expertise with Capital One scale, underwriting strength and trusted brand to expand access to better financial solutions for millions of U.S. businesses.”
The transaction is expected to close in mid 2026, subject to customary closing conditions. BofA Securities and Wachtell, Lipton, Rosen & Katz advised Capital One, with Baker McKenzie handling certain foreign legal matters. In contrast, Centerview Partners and law firms Wilson Sonsini, Simpson Thacher, and Skadden advised Brex.
About Capital One
Capital One Financial Corporation is a leading technology driven financial services company with $475.8 billion in deposits and $669.0 billion in total assets as of December 31, 2025.
Capital One offers a wide range of products and experiences through its Credit Card, Consumer Banking, Global Payment Network, and Commercial Banking businesses. As the only central U.S. bank fully migrated to the public cloud, it uses proprietary data and advanced analytics to deliver financial tools across the U.S., Canada, and the U.K.
About Brex
Founded in 2017 in San Francisco by Henrique Dubugras and Pedro Franceschi, Brex is an intelligent finance platform that helps growing companies spend smarter and move faster across 50+ countries. By combining a smart corporate card with intuitive spend management software and banking, Brex gives founders and finance teams real-time visibility, spending control, and streamlined operations. Its AI-powered automation and dedicated service eliminate manual expense and accounting tasks. More than 25,000 companies—from startups to enterprises —manage their finances on Brex, including DoorDash, TikTok, Robinhood, Zoom, and the Boston Celtics.
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