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Capital One said Thursday it agreed to acquire San Francisco-based fintech firm Brex in a $5.15 billion stock-and-cash deal, expanding its business payments and expense management offerings. The transaction brings Brex under one of the largest U.S. banks as competition with software-driven finance platforms intensifies.
The deal reflects mounting pressure on traditional banks to offer faster automation and integrated tools. Capital One founder and CEO Richard Fairbank said the acquisition accelerates the bank’s strategy in business payments.
The transaction is expected to close in mid-2026, subject to customary closing conditions and regulatory approvals. Upon completion, Brex founder and CEO Pedro Franceschi will continue to lead the company within Capital One.
Capital One framed the acquisition as a step to deepen its presence in business payments and expense management. Fairbank said acquiring Brex advances the bank’s journey in the business payments marketplace.
Brex launched in 2017 with corporate cards for startups that struggled to access traditional banking services. Over time, it expanded into expense management, banking features, and automation tools.
Today, Brex serves tens of thousands of businesses, including one in three startups in the United States. Its customer base also includes large enterprises, according to Franceschi.
In September 2025, Brex announced plans to launch native stablecoin payments starting with USDC. This feature allows customers to pay balances, send payments, and accept funds with automatic conversion into U.S. dollars.
The company said the service would let businesses manage traditional spending and stablecoin-backed transactions within one platform. Several blockchain-focused firms joined the waitlist.
Those firms include Figure, Solana, and Alchemy. Their participation signals Brex’s traction within the digital asset ecosystem as stablecoins move closer to mainstream finance. Does the deal signal a turning point for stablecoin payments inside major U.S. banks?
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Brex has positioned artificial intelligence as a core layer of its finance platform. The company uses AI to categorize expenses, enforce spending rules in real time, and flag exceptions for review. Brex also offers an AI assistant that handles routine tasks such as receipt matching and expense reconciliation.
Capital One did not disclose how it plans to integrate these tools into its commercial banking products. Franceschi described the transaction as a growth-driven combination rather than a traditional consolidation.
He said two founder-led companies aim to bring new ways to manage money to underserved U.S. businesses. BofA Securities served as financial advisor to Capital One, while Wachtell, Lipton, Rosen & Katz acted as legal advisor, with Baker McKenzie handling certain foreign legal matters. Centerview Partners advised Brex, with Wilson Sonsini and Simpson Thacher serving as legal advisors.
Capital One agreed to acquire Brex in a $5.15 billion deal to expand business payments, expense management, stablecoin services, and AI tools. The transaction keeps Brex’s leadership in place and is set to close in mid-2026, pending approvals, as banks move closer to fintech-driven financial platforms.
