Capital One is buying startup Brex for $5.15 billion in credit card firm’s latest deal

Capital One is buying startup Brex for .15 billion in credit card firm’s latest deal

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Brex co-founders Pedro Franceschi and Henrique Dubugras.

Brex

Capital One said Thursday that it was acquiring startup Brex for $5.15 billion, the latest splashy deal undertaken by CEO Richard Fairbank.

The firm, which disclosed the deal in its fourth-quarter earnings statement, said it would pay 50% cash and 50% stock for Brex.

Shares of the bank fell about 4%.

Under Fairbank, a rare founder-CEO of a major U.S. bank, Capital One acquired rival card firm Discover Financial last year for about $35 billion. That deal was Fairbank’s crowning achievement, giving the credit card lender access to one of the only payment networks of any scale.

This story is developing. Please check back for updates.

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