“Since our founding, we set out to build a payments company at the frontier of the technology revolution,” Richard D. Fairbank, Capital One founder, chairman, and CEO, said in a Jan. 22 statement.
“Acquiring Brex accelerates this journey, especially in the business payments marketplace.”
Fairbank noted that San Francisco-based 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,” he said.
Once the transaction has been completed, Brex will become part of Capital One, with Brex founder and CEO Pedro Franceschi continuing to lead.
“Together, we’ll maximize founder mode by combining Brex’s payments expertise and spend management software with Capital One’s massive scale, sophisticated underwriting, and compelling brand to accelerate growth and increase the speed at which we can offer better finance solutions to the millions of businesses in the U.S. mainstream economy,” Franceschi said.
The deal is expected to close by mid-2026, following the satisfaction of closing conditions.
Bank of America Securities served as financial adviser, and Wachtell, Lipton, Rosen & Katz served as legal adviser to Capital One, with Baker McKenzie providing counsel on certain foreign legal matters to Capital One. Centerview Partners LLC served as financial adviser, and Wilson Sonsini and Simpson Thacher served as legal advisers to Brex.
Virginia-based Capital One reported $475.8 billion in deposits and $669 billion in total assets as of Dec. 31, 2025.
“Our fourth-quarter and full-year results reflect solid top-line growth and strong and stable credit performance,” Fairbank said.
“Years of strategic preparation and our choices to consistently invest to sustain long-term growth and returns enable our results and put us in a strong position going forward.”
The company is a global payments provider and diversified financial institution offering consumer banking, credit cards, and commercial banking lines of business. In addition to the United States, its primary markets include Canada and the United Kingdom. To date, it is the only major U.S. bank to migrate entirely to the public cloud.
Brex’s AI software platform allows businesses to issue corporate cards, automate expense management, and make secure, real-time payments. In addition, it uses artificial intelligence agents to help consumers automate workflows to reduce manual review and control spending.
Brex currently serves more than 25,000 of the world’s leading companies across 50 countries, including DoorDash, TikTok, CrowdStrike, Zoom, Intel, and the Boston Celtics.