Capital One is buying startup Brex for $5.15 billion in credit card firm’s latest deal
Brex’s co-founders are Pedro Franceschi and Henrique Dubugras.
brax
Capital One He said so on Thursday. acquisition It acquired startup Brex for $5.15 billion, the latest striking deal from CEO Richard Fairbank.
The company announced the deal in its fourth quarter earnings expressionHe said he would pay 50 percent cash and 50 percent stock for Brex.
The bank’s shares fell around 4 percent.
Rare founder and CEO of Capital One, a major US bank, under Fairbank’s management acquired It acquired rival card firm Discover Financial last year for about $35 billion. This deal was Fairbank’s biggest success, giving the credit card issuer access to one of the only payment networks of any size.
“Since our founding, we have set out to build a payments company at the edge of the technology revolution,” Fairbank said in a statement. he said. “Acquiring Brex will accelerate this journey, especially in the commercial payments market.”
Fairbank said Brex pioneered the combination of corporate cards, banking and expense management software: “They took the rarest of journeys for a fintech, building a vertically integrated platform from the bottom of the technology stack to the top,” he said.
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