Capital One disclosed in its fourth‐quarter earnings release that it will acquire payments and corporate finance startup Brex for $5.15 billion. The transaction comprises 50% cash and 50% stock consideration, with the deal expected to close by mid-2026, subject to regulatory and customary closing conditions. Bank of America Securities and Centerview Partners served as financial advisors to Capital One, while Wachtell, Lipton, Rosen & Katz advised on legal matters for Capital One and Wilson Sonsini, Simpson Thacher & Bartlett and Skadden, Arps represented Brex.

Founder-CEO Richard Fairbank described the acquisition as a key step in building Capital One’s next-generation payments ecosystem. He emphasized that Brex’s AI-native platform—integrating corporate cards, banking services and real-time spend management—aligns with Capital One’s goal to expand its footprint in business payments. Pedro Franceschi, Brex co-founder and CEO, will continue to lead the combined business, leveraging Capital One’s underwriting expertise and scale to accelerate product rollout to millions of U.S. businesses.

Upon announcement, Capital One’s shares dipped by approximately 3%, reflecting investor focus on near-term dilution and integration risks. As of December 31, 2025, the bank held $475.8 billion in deposits and $669.0 billion in total assets, positioning it to fund the cash component without significant leverage strain. The acquisition follows last year’s $35 billion purchase of Discover Financial, underscoring Fairbank’s track record of deploying M&A to broaden payment networks and bolster long-term revenue growth.