Pedro Franceschi

Money Moves

Will continue leading Brex as part of Capital One

Capital One spent two decades as a credit card company that happened to be a bank. Now Richard Fairbank wants to become something else: a technology company that happens to issue cards. Eight months after closing its $35 billion Discover acquisition—making it America's largest credit card lender—Capital One announced it will pay $5.15 billion for Brex, the AI-native expense management platform that counts Anthropic, DoorDash, and Robinhood among its 25,000 corporate customers. The deal structure splits evenly: $2.75 billion in cash and 10.6 million Capital One shares.

Updated Jan 25