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Capital One to Acquire Brex for $5.15 Billion in Push Into AI-Driven Business Payments

The half-cash, half-stock purchase is slated to close in mid-2026 pending regulatory approvals.

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Overview

  • Brex will operate inside Capital One after closing with CEO Pedro Franceschi continuing to lead the business.
  • Capital One projects roughly $950 million in integration and retention costs over the next three years related to the deal.
  • Brex adds corporate cards, spend-management software, AI-powered workflow automation, and previously announced native USDC payment capabilities.
  • The purchase price is well below Brex’s roughly $12.3 billion peak valuation in 2022, underscoring the reset in fintech valuations.
  • Capital One shares traded lower following its quarterly results and the acquisition announcement as investors weighed higher expenses and execution plans.