The largest consumer credit card issuer in the US measured by outstanding receivables, Capital One, will pay $5.50 billion in cash and stock to buy Brex, which provides a vertically integrated platform that offers commercial cards, spend management software and banking services. The transaction is expected to close by the middle of 2026. Brex has raised more than $1.20 billion in funding since 2017, including $300 million in October 2025. Private capital markets had estimated that Brex’s value exceeded $12 billion in 2022. However, the $5.50-billion sales price is more than 10 times the m...