NEW YORK, Jan 22, 2026, 19:06 (EST)
- Capital One is set to buy fintech Brex for $5.15 billion in cash and stock, targeting growth in corporate cards and expense management software.
- A filing revealed around $2.75 billion in cash alongside roughly 10.6 million shares of Capital One, with the deal closing anticipated by mid-2026, subject to approvals.
- Lenders are making this move amid rising political pressure on credit-card interest rates while searching for new growth drivers.
Capital One is set to acquire fintech firm Brex for $5.15 billion in a cash-and-stock transaction, aiming to boost its presence in corporate cards and expense management software—tools businesses use to monitor and control employee spending. Following the announcement, Capital One shares dropped more than 5%, later settling about 1.5% lower. 1
With this purchase, Capital One secures an established foothold in business payments—a fiercely contested space between banks and nimble software companies. The deal also nudges the bank’s growth focus away from consumer credit, a segment vulnerable to economic slowdowns.
The timing heightens the pressure. Washington is once again hashing out limits on credit card interest rates, and Capital One, which depends heavily on card lending for profits, faces more risk than many of its big U.S. peers.
A securities filing revealed Capital One plans to pay roughly $2.75 billion in cash and issue about 10.6 million shares as part of the deal, valuing the total consideration at $5.15 billion. This figure remains subject to adjustments and standard conditions, including regulatory approval. Bloomberg separately reported that the payment would be split nearly evenly between cash and stock. https://www.sec.gov/Archives/edgar/data/927628/000119312526019543/d45990d8k.htm 2
Brex calls itself an “AI-native” platform—built from the ground up with AI features instead of adding them later—that enables businesses to issue corporate cards, automate expense controls, and process real-time payments. The company also employs “AI agents,” automated tools designed to handle routine checks and approvals, according to the firms. Brex CEO Pedro Franceschi said the partnership will “supercharge our next chapter” alongside Capital One. 3
Brex’s platform is already trusted by clients like DoorDash and Robinhood. The companies confirmed Franceschi will continue leading the business post-acquisition. Capital One highlighted that the deal will strengthen its foothold in business payments, where success hinges on smart underwriting—choosing who qualifies for credit and at what rate—and robust fraud prevention.
The price highlights just how much private fintech valuations have dropped since the market’s high point. In 2022, TechCrunch reported Brex was valued at $12.3 billion. The company competes with Ramp in corporate cards and spend-management software. 4
Capital One revealed its latest deal alongside fourth-quarter results showing net income of $2.1 billion, or $3.26 per share. Total net revenue inched up 1% to $15.6 billion. The bank also set aside $4.1 billion for credit losses, earmarked for loans that might default. Adjusted earnings came in at $3.86 per share. “Our fourth quarter and full year results reflect solid top line growth and strong and stable credit performance,” CEO Richard Fairbank said. 5
Net interest income — the gap between what a bank makes on loans versus what it pays on deposits — surged 54% year-over-year to $12.47 billion, boosted by credit-card balances, Reuters reported. After the Brex news, the bank’s stock decline eased as investors digested the earnings results.
Last week, Trump proposed capping credit-card interest rates at 10% for one year starting Jan. 20, though he didn’t specify how the plan would be implemented. JPMorgan Chase CEO Jamie Dimon slammed the idea as an “economic disaster.” Reuters also reported that Bank of America is considering offering credit cards with rates around 10%.
But the Brex deal still requires regulatory sign-off, and the final figures depend on how well Brex’s customers and products perform under a major bank owner. A weaker economy—or strict limits on card fees—could cut into the returns Capital One is counting on from this shift.
Capital One is aiming to finalize the acquisition by mid-2026. BofA Securities acted as advisor to Capital One, while Centerview Partners represented Brex, according to the companies.
