Capital One Financial (COF) agreed to acquire Brex, a fintech that specializes in technology for credit cards, expenses, and rewards, for $5.15B, the company said on Thursday.
The purchase price consists of 50% cash and 50% stock. With the acquisition, Capital One (COF), which acquired Discover Financial last year, gets more capabilities to cater to corporate clients.
The Wall Street Journal first reported the deal earlier on Thursday. Brex was founded in 2017 to serve other startups that were finding it challenging to get corporate cards from traditional companies like American Express (AXP), the report said.
Capital One (COF) expects to close the deal in Q2, the people told the WSJ.