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Capital One agreed to buy corporate spend fintech Brex for $5.15 billion in a cash-and-stock deal.

Why it matters: The deal is the latest example of Capital One using M&A to build out its payments business, following its acquisition of Discover.

Zoom in: Capital One is paying approximately half in cash and half in stock for the corporate card and expense management startup.

Brex founder and CEO Pedro Franceschi will continue to lead the business after the deal closes.

BofA Securities advised Capital One, while Centerview Partners advised Brex.

Between the lines: On his company's earnings call, Capital One CEO Richard Fairbank said the deal would accelerate its strategy in banking and payments.

He pointed to features such as customizable credit limits and controls, automated receipt capture, real-time out-of-policy spend blocking, and real-time ERP integration.

Fairbank said Capital One also plans to integrate Brex's spend management platform into its travel portal, which would let businesses manage corporate travel expenditures, payments and travel policies there.

By the numbers: Brex oversees nearly $13 billion in deposits held at partner banks and money-market funds.

The company operates in more than 50 countries and serves over 25,000 companies.

Customers include Anthropic, Robinhood, TikTok, Coinbase, Scale AI, Toast, CrowdStrike, Cloudflare and DoorDash.

Yes, but: According to Fairbank, 60% of Brex originations over the last two years were to non-tech companies.

The intrigue: The deal values Brex well below its 2022 peak valuation of more than $12 billion.

Flashback: Capital One closed its acquisition of Discover in May 2025, expanding its payments footprint as it pushed further into business payments.

What's next: The companies expect the transaction to close in the middle of 2026, pending regulatory approval.

Capital One agrees to buy Brex for $5.15B

The buyer's again using M&A to expand its payments business.

Illustration of two people shaking hands on a giant stack of money. 

Capital One <a class="gtmContentClick" data-vars-link-text="agreed to buy" data-vars-click-url="https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-brex" data-vars-content-id="841f3173-f8ee-4d0a-999d-dd6742295883" data-vars-headline="Capital One agrees to buy Brex for $5.15B" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-brex" target="_blank">agreed to buy</a> corporate spend fintech Brex for $5.15 billion in a cash-and-stock deal.Why it matters: The deal is the latest example of Capital One using M&amp;A to build out its payments business, following its acquisition of Discover.

Capital One agrees to buy Brex for $5.15B

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