Capital One to Acquire Brazilian-Founded Fintech Brex in $5.1B Deal

Brex Capital One acquisition marks one of the most significant fintech M&A transactions of early 2026, with U.S. banking group Capital One Financial Corporation agreeing to acquire Brex in a deal valued at approximately US$5.15 billion in cash and stock.

The transaction, first announced via a press release distributed by Business Wire and subsequently reported by Valor Econômico, is expected to close in mid-2026, subject to regulatory and customary approvals. Founded by Brazilian entrepreneurs Pedro Franceschi and Henrique Dubugras, Brex has grown into a leading provider of corporate cards and spend-management solutions for startups, mid-market companies, and enterprise clients.

The Capital One Brex deal highlights the renewed appetite of incumbent U.S. banks for technology-driven financial platforms. For Capital One, the acquisition reinforces its strategy of expanding beyond consumer credit into business-focused financial services while accelerating its digital and product roadmap.

Founded in 2017 in Silicon Valley, Brex initially built its reputation by serving startups that struggled to access traditional banking products. Its platform—combining corporate cards, treasury services, and integrated expense management—quickly gained traction among venture-backed companies. Over time, Brex expanded its focus to mid-market and enterprise clients, positioning itself as a financial operating system for modern businesses and a prime target for a Capital One fintech acquisition.

Brex Capital One Acquisition and the Founders’ Path from Pagar.me to Silicon Valley

Brex’s story is inseparable from the entrepreneurial trajectory of its founders, a background that shaped the company long before the Brex M&A transaction announced in 2026. Pedro Franceschi and Henrique Dubugras met as teenagers in Brazil, connecting online through shared interests in programming and technology.

In 2013, while still teenagers, the two co-founded Pagar.me, a payments platform created to simplify online transactions for Brazilian businesses. Pagar.me scaled rapidly within Brazil’s fintech ecosystem, becoming a recognized digital-payments player.

In 2016, Franceschi and Dubugras sold Pagar.me to StoneCo, marking their first major startup exit. Although financial terms were not publicly disclosed, the transaction provided early liquidity and validation within the venture capital community—experience that later influenced Brex’s strategic positioning ahead of the Brex Capital One acquisition.

Following the sale, both founders were admitted to Stanford University in the United States. Exposure to the U.S. startup ecosystem—and firsthand experience with the difficulty early-stage companies faced in obtaining corporate credit—led them to drop out, join Y Combinator, and launch Brex in 2017.

From Growth Capital to Capital One Brex Deal

Brex’s trajectory mirrors the evolution of venture-backed fintechs over the past decade, moving from aggressive growth to a strategic exit through a Capital One Brex deal. The company raised multiple high-profile funding rounds, reached multi-billion-dollar private valuations, and attracted global investors.

Beyond the Law previously covered this phase when Brex announced plans to raise US$300 million in late-stage funding, highlighting investor confidence and the company’s ambition to position itself among the world’s most valuable private fintechs.

The Capital One fintech acquisition ultimately reflects a changed market environment—more disciplined capital deployment, fewer IPOs, and increased M&A activity as banks seek to acquire proven platforms rather than build them internally.

The Firms Behind the Deal (Transaction History)

Wilson Sonsini Goodrich & Rosati represented Brex with partner Todd Cleary leading the firm’s deal team.

Wachtell, Lipton, Rosen & Katz’s Matthew Guest led the firm’s deal team.

Brex’s later financing rounds provide insight into the law firms that supported the company during its most critical growth stages.

Series D (US$425 million) — announced April 26, 2021

• Investor counsel (lead investor Tiger Global):
  Gunderson Dettmer
• Company counsel (Brex):
  Wilson Sonsini Goodrich & Rosati, as reported by Law360.

Series D-2 (US$300 million) — announced January 2022

• Company counsel (Brex):
  Wilson Sonsini Goodrich & Rosati, which publicly disclosed its deal team.

These advisory roles illustrate how elite venture and technology firms often accompany companies from late-stage funding through eventual Brex acquisition 2026 outcomes.

Why the Brex Capital One Acquisition Matters

The Brex Capital One acquisition underscores accelerating consolidation between banks and fintech platforms with established enterprise adoption. It also highlights the role of elite venture and technology law firms in guiding companies from early-stage growth through complex financing rounds and, ultimately, strategic exits.

For Brazilian-founded fintech Brex, the transaction represents one of the most visible exits involving Latin American entrepreneurship in recent years—an area Beyond the Law will continue to monitor closely.

Related Reading

• Fintech Brex to Raise $300 Million 
• Capital One to Acquire Brex

Resumo em português

A aquisição da fintech Brex pelo Capital One, avaliada em cerca de US$ 5,15 bilhões, representa uma das maiores operações de M&A no setor fintech em 2026. Fundada por empreendedores brasileiros que anteriormente venderam a Pagar.me para a Stone, a Brex percorreu o caminho de rodadas expressivas de venture capital até uma venda estratégica para um grande banco norte-americano, refletindo a consolidação entre instituições financeiras tradicionais e plataformas digitais.