Capital One Financial Corporation has agreed to acquire Brex, the San Francisco–based fintech known for corporate cards, spend management and stablecoin payments, for $5.15 billion. The transaction is structured roughly 50% stock and 50% cash and is expected to close in mid-2026, subject to regulatory approvals.
The deal gives Capital One immediate access to Brex’s AI-native platform and its stablecoin infrastructure, positioning the bank to offer blockchain-enabled corporate settlements to business clients.
The headline price is $5.15 billion, split about half in Capital One stock and half in cash. The acquisition price implies a sales multiple near 7.5x and represents a roughly 58% discount to Brex’s peak private valuation of $12.3 billion in 2022, according to industry commentary.
Industry analysis cited in the announcement contrasted the multiple on this deal with averages for high-growth payments firms, noting the 7.5x sale multiple exceeds a cited 3.3x average for comparable companies. Sources in the release noted early investors are realizing returns despite the haircut in private-market peak value.
Strategy, stablecoins and market implications
Capital One said the acquisition accelerates its move deeper into business payments, integrating Brex’s corporate credit cards, spend management software and banking tech into a single stack. The bank will also inherit Brex’s stablecoin infrastructure and prior plans to support native USDC payments for corporate settlements.
The institutional case is straightforward: native stablecoin rails promise faster, lower-cost settlements and programmable flows for treasuries managing corporate payables and receivables. For traders and corporate treasuries, the move signals growing convergence between regulated banking networks and tokenized payment rails, which could reduce settlement friction for crypto-native counterparties and RWA tokenization initiatives.
At the same time, the transaction introduces near-term execution and regulatory risks. The deal requires approvals and integration of custody, compliance and payment controls for blockchain-based flows.
Investors and corporate treasurers will now watch the regulatory review and the expected mid-2026 close as the key test of this thesis. How Capital One folds Brex’s stablecoin stack into its compliance, custody and commercial product lines will determine whether the acquisition delivers faster treasury workflows or primarily serves as a strategic foothold in tokenized payments.
