News
Feb 19, 2026
News
Enterprise
Scaleups
Americas
Capital One to Acquire Brex in $5.15 Billion AI-Driven Payments Expansion
NewDecoded
3 min read
Image by Capital One
Capital One Financial Corporation announced a definitive agreement to acquire Brex on January 22, 2026. The transaction is valued at $5.15 billion and will be executed through a combination of stock and cash. This move places Capital One at the center of the modern business payments landscape. Brex functions as an AI-native finance platform that allows businesses to issue corporate cards and automate complex expense management. The company utilizes advanced AI agents to minimize manual reviews and facilitate secure payments for thousands of growing enterprises. Over 25,000 companies currently utilize their platform to control spending with precision. More details on their offerings are available at brex.com.
Richard Fairbank, the founder and CEO of Capital One, stated that this acquisition accelerates the bank's journey toward the frontier of the technology revolution. Capital One plans to integrate the "Empower" software stack with its existing balance sheet and underwriting capabilities. The strategy involves delivering intelligent finance solutions to millions of mainstream businesses.
Following the close of the transaction, Brex co-founder Pedro Franceschi will continue to lead the division within Capital One. He highlighted the potential of combining the payments expertise of the fintech with the massive scale of the bank. This partnership is designed to maintain a high-growth mindset while leveraging a compelling global brand.
The deal is expected to finalize in the middle of 2026, provided it meets customary closing conditions and regulatory requirements. BofA Securities and Wachtell, Lipton, Rosen & Katz served as advisors for the bank throughout the negotiation. Centerview Partners acted as the financial advisor for the fintech firm.
This transaction follows Capital One's acquisition of Discover Financial Services in early 2025. With its own global payment network now in place, the bank is positioned to manage commercial volume directly. This vertical integration allows the firm to diversify its revenue through recurring software fees while strengthening its commercial banking arm. Information regarding investor relations is available at investor.capitalone.com.
This acquisition represents the "re-bundling" of the financial sector, where traditional banks absorb best-in-class software to create holistic ecosystems. Following Capital One's recent integration of the Discover payment network, the addition of Brex creates a formidable vertically integrated competitor to American Express. By owning both the payment rails and the spend management software, Capital One can capture the full economic value chain while potentially bypassing traditional interchange fees. This deal ultimately marks the transition from a "fintech unbundling" era to one defined by massive, tech-forward financial conglomerates.
