Capital One Closes $5B Brex Acquisition

Capital One has closed its acquisition of Brex in a $5 billion deal. The transaction is structured as a half-cash, half-stock purchase.

Brex has about 35,000 clients and provides business payments software for corporate cards, expense management, and real-time payments. A key part of the rationale is Brex’s AI capabilities, including agentic AI products that can perform back-office tasks. Brex’s AI agent uses four main agents, which Capital One can incorporate into its business banking strategy.

The Brex deal follows Capital One’s larger $51.8 billion acquisition of Discover Financial Services in 2025, which positioned the company as a major credit card issuer.