Capital One Financial Corporation has signed a definitive agreement to acquire Brex, the AI-native expense management platform, in a deal valued at $5.15 billion payable half in cash and half in stock. The transaction is forecast to close in mid-2026, pending regulatory approvals and customary closing conditions. Brex serves over 25,000 businesses—including one in three U.S. startups, more than 300 public companies and major enterprises—through its integrated corporate card, spend management software and real-time payments platform. Capital One CEO Richard Fairbank highlighted that the acquisition accelerates the bank’s strategy to lead in business payments by combining Brex’s advanced automation capabilities with Capital One’s scale and underwriting expertise.

In the fourth quarter, Capital One reported net revenue of $15.6 billion, a 1 percent increase year-over-year, driven by higher card lending balances and growth in commercial banking. Non-interest expenses rose 13 percent to $9.3 billion, reflecting increased marketing spend and investment in technology. Pre-provision earnings declined 12 percent to $6.2 billion, while provisions for credit losses climbed by $1.4 billion to $4.1 billion amid modest upticks in net charge-offs. The bank’s net interest margin contracted by 10 basis points to 8.26 percent. Earnings per share came in at $3.86, below the consensus estimate of $4.11, leading to a 4.4 percent decline in the stock during extended trading.

By adding Brex’s AI-driven platform and its $13 billion in customer deposits, Capital One expands its footprint in corporate banking and expense management software, areas identified as key long-term growth drivers. The bank’s recent $35 billion acquisition of Discover Financial Services has already enhanced its payment network capabilities; the Brex deal further strengthens its technology stack and access to high-growth startup and enterprise clients. Investors will be watching second-quarter results for initial integration metrics, cost synergies and any impact on credit performance as the combined entity targets accelerated product innovation and expanded distribution across the U.S. and newly licensed European markets.