US bank Capital One Financial Corporation has announced an agreement to acquire fintech company Brex. The transaction comprises a combination of stock and cash payment with a total value of $5.15 billion. The purchase price is significantly below the $12.3 billion valuation that investors paid in the hype year 2022 during Series D-2 – an indication that Brex has already passed its zenith and it was time to sell.
The San Francisco-based startup has specialized in AI-powered financial solutions for business customers and combines corporate credit cards, expense management, and banking services in an integrated platform. The acquisition marks a significant step for Capital One, which aims to expand its position in the business customer market and compete with software-driven financial platforms.
Brex was founded in 2017 and initially targeted startups that had limited access to corporate credit cards from traditional banks. The company continuously developed its services and integrated expense management, banking functions, and AI-driven tools for controlling corporate spending. The platform enables companies to issue corporate cards, automate expenses, and conduct real-time payments. According to its own information, tens of thousands of companies now use the services, including every third startup in the United States as well as established corporations.
Strategic expansion in the business customer market
Capital One justifies the acquisition with the goal of accelerating its technological transformation in payments. Founder and CEO Richard Fairbank emphasized that the company has strived since its founding to be at the forefront of the technology revolution in the financial sector. The acquisition of Brex accelerates this development particularly in the area of business payments. Brex founder Pedro Franceschi described the transaction as a growth-oriented combination of two founder-led companies. He highlighted that this merger differs from traditional bank acquisitions in that it aims to provide millions of companies in the US economy with better financial solutions that are inadequately served by conventional banks.
A special role is played by Brex’s planned integration of stablecoin payments. In September 2025, the company announced the introduction of native stablecoin transactions, beginning with USDC. The feature enables business customers to settle balances, send payments, and receive funds, with automatic conversion to US dollars. Companies can thus manage both traditional and stablecoin-backed expenses through a single platform. Capital One has not yet disclosed how these cryptocurrency functions will be integrated into the bank’s existing business customer products.
AI-powered platform as growth driver
Brex positions artificial intelligence as a central component of its financial platform. The system automatically categorizes expenses, enforces spending rules in real time, and flags exceptions for review. An AI assistant handles routine tasks such as receipt matching and expense reporting. The technology reduces manual review processes and helps companies automate complex workflows. Brex describes its platform as AI-native and emphasizes that financial services and software were developed in an integrated manner from the outset.
The transaction is expected to close in mid-2026, subject to regulatory approvals and customary closing conditions. Following completion of the acquisition, Franceschi will continue to lead Brex as CEO and manage the company as part of Capital One. Capital One had deposits of $475.8 billion and total assets of $669.0 billion as of December 31, 2025. The bank, headquartered in McLean, Virginia, is the only major US bank that has fully migrated to the public cloud. BofA Securities served as financial advisor for Capital One and Centerview Partners for Brex, while several law firms provided legal counsel to both sides.
