Capital One Financial in McLean, Va., has agreed to buy Brex.
The $476 billion-asset Capital One, fresh off its purchase of Discover, said in a press release that it will pay nearly $5.2 billion in cash and stock for the San Francisco payments fintech. The deal is expected to close in mid-2026.
Brex is an AI-native software platform that assits businesses with corporate cards, automated expense management and real-time payments.
”Since our founding, we set out to build a payments company at the frontier of the technology revolution,” Richard Fairbank, Capital One’s chairman and CEO, said in the release.
“Acquiring Brex accelerates this journey, especially in the business payments marketplace,” he added. “Brex invented the integrated combination of corporate credit cards, spend management software and banking together in a single platform. They have taken the rarest of journeys for a fintech, building a vertically integrated platform from the bottom of the tech stack to the top.”
Pedro Franceschi, Brex’s founder and CEO, will continue to run the business after the sale closes.