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Capital One is buying Brex in a $5.15 billion stock-and-cash deal that underscores how traditional banks are turning to fintech startups to modernize the way businesses manage money. The acquisition, announced Thursday, would bring Brex, the San Franciscobased corporate card and expense management company, into the fold of one of the largest U.S. financial institutions. The transaction is expected to close in mid-2026, pending regulatory approval and customary conditions. Brex CEO and cofounder Pedro Franceschi will continue to lead the company as part of Capital One. At first glance, the deal looks like a straightforward expansion into corporate cards. In reality, it is about software, automation, and how artificial intelligence is beginning to reshape financial operations inside companies. Brex built its reputation by offering startups corporate cards without personal guarantees and pairing them with tools that made expense tracking and approvals easier. Over time, the company evolved into a broader platform that combines payments, spend management, and banking services in a single interface used by more than 25,000 companies, including DoorDash, Robinhood, Zoom, and Plaid. In recent years, Brex has increasingly described itself as an AI-native finance platform, highlighting tools that automate expense review, enforce spending policies, and reduce the manual work typically handled by finance teams. That positioning appears to be central to Capital Ones interest. Why a bank is buying a fintech now For more than a decade, large banks have tried to compete with fintech startups by building their own digital tools. Many of those efforts have struggled to match the user experience and speed of companies designed from the ground up as software platforms. Capital One, which has long positioned itself as one of the most technology-forward U.S. banks and was the first major bank to migrate fully to the public cloud, still faces the same challenge as its peers in the commercial banking space. Corporate banking portals and expense tools often feel dated when compared with modern fintech products. Buying Brex gives Capital One a ready-made software layer designed around how companies actually manage spending, rather than how banks traditionally process transactions. Acquiring Brex accelerates this journey, especially in the business payments marketplace, Capital One CEO Richard Fairbank said in a statement announcing the deal. The broader fintech backdrop The acquisition comes at a moment when the fintech sector looks very different from its peak in the late 2010s and early 2020s. Brex was founded in 2017 and quickly became one of Silicon Valleys most prominent fintech startups, riding a wave of investor enthusiasm for companies that blended software with financial services. Its valuation soared as startups flocked to its corporate card and expense tools. But as venture funding slowed and interest rates rose, many fintech companies faced tougher conditions. Growth expectations were reset, and IPO plans were delayed across the sector. Strategic acquisitions by large banks have increasingly become an alternative path forward. For banks, these deals offer a way to acquire modern technology and talent without building from scratch. For fintech companies, they offer access to large balance sheets, regulatory infrastructure, and a broader customer base. A bet on automation inside companies The deal also reflects a growing focus on how artificial intelligence can change the back-office work of running a business. Brex has promoted its use of AI agents to automate expense reviews, flag policy violations, and handle tasks that once required manual oversight by finance teams. Rather than simply tracking spending after the fact, the platform aims to guide and control spending in real time. Capital One appears to see this as a key part of the future of business payments. As companies look to reduce costs and operate more efficiently, tools that cut down on administrative work have become more appealing. By combining Brexs software with Capital Ones underwriting, payments network, and deposit base, the bank is positioning itself to offer a more integrated system for how businesses issue cards, manage expenses, and move money. What happens to Brex Brex is expected to continue operating under its own leadership after the acquisition, with Franceschi remaining at the helm. That suggests Capital One is aiming to preserve the companys product approach and culture rather than fold it into a traditional banking unit. For Brex, the deal provides scale that is difficult for a stand-alone fintech to achieve. Access to Capital Ones infrastructure and resources could allow it to expand beyond the startup and tech companies that formed its early customer base and into a broader range of U.S. businesses. A sign of where business finance is heading The acquisition points to a larger shift in how financial services for businesses are evolving. Corporate cards are no longer just a line of credit. They are part of software systems that manage budgets, approvals, and compliance automatically. For Capital One, buying Brex is a way to accelerate its move into that model. For Brex, it is a chance to bring its platform to a wider audience under the umbrella of a major bank. For the fintech industry, the deal is another indication that the next phase of growth may come less from stand-alone startups and more from partnerships and acquisitions with established financial institutions.
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E-Commerce
Patagonia, the outdoor apparel company, is suing Pattie Gonia, the drag queen and environmentalist, for trademark infringementa move the company says is necessary to protect the brand [it has] spent the last 50 years building. In a lawsuit filed in California federal court this week, Patagonia argues that Pattie Gonias name, particularly when used on apparel or in support of environmental sustainability, competes directly with the products and advocacy work that are core to Patagonia. Patagonia claims in its complaint that the overlapping names have already confused customers, and that a recent move from the drag queen to sell her own branded apparel goes against a prior agreement the two parties had. The company is seeking a nominal $1 in damages. Were not against art, creative expression, or commentary about our brand, Patagonia says in a statement. We want Pattie to have a long and successful career and make progress on issues that matterbut in a way that respects Patagonias intellectual property and ability to use our brand to sell products and advocate for the environment. Overlapping work According to the lawsuit, the company and the environmentalist have long openly discussed how Pattie Gonia can continue her advocacy work and brand deals without infringing on Patagonias trademarks. Pattie Gonia reportedly previously agreed to not use her name in any form on products, to not use or display Patagonias logos, and to not use the same font, Belwe, that Patagonia uses. But according to Patagonia, in 2024, Pattie Gonia sold branded apparel online and used versions of the company logo. And then in September 2025, she sought to trademark the brand Pattie Gonia for use on clothing and apparel, and to promote environmental activism. These rights would directly overlap with the work we do and the products we provide, the company said. The lawsuit cites T-shirts sold on Pattie Gonias website that say Pattie Gonia Hiking Club, along with stickers and gloves worn by the drag queen that seem to imitate Patagonias logo. At the time of publication, Pattie Gonias merch page showed her apparel as being sold out. Pattie Gonia did not immediately respond to a request for comment. Patagonia says it can’t “selectively choose” to enforce its trademark Members of the public have already been confused as to whether or not Pattie Gonia is affiliated with Patagonia, the company claims. The lawsuit includes screenshots of a Pattie Gonia social media post on which commenters praised the company and even said they “genuinely thought this was a Patagonia ad. While Pattie Gonia has partnered with outdoor groups and brandsincluding The North Face, National Geographic, REI, and Backcountry, according to her websiteshe has not officially partnered with Patagonia. (The company has featured Pattie Gonia and her nonprofit, The Outdoorist Oath, in an interview on the Patagonia site.) If the company doesnt prevent people or groups, including Pattie Gonia, from copying its brand and logo, it says, then it risks losing the ability to defend our trademarks entirely. Other groups, including the oil and gas lobby, have already misappropriated Patagonias name and logo. The lawsuit cites a T-shirt, for example, emblazoned with “Petrogonia in the Patagonia font, against a silhouette of oil drilling equipment that mimics the companys mountain silhouette. To put a finer point on it, we cannot selectively choose to enforce our rights based on whether we agree with a particular point of view, the company says. For these reasons, Pattie Gonias use of a near-copy of our name commercially . . . poses long-term threats to Patagonias brand and our activism. While Pattie Gonia did not immediately respond to a request for comment, she and her business said in a statement to Bloomberg Law that they have never and will never reference the brand Patagonias logo or brand, adding that there was plenty of room for both the company and the drag queen to play in this box.
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E-Commerce
Everyone is talking about it in group chats, at the supermarket, and at the gas pump. No, it’s not Heated Rivalryit is the “monster” winter storm that is set to hit the U.S. this weekend, traveling from Texas across the Southwest, into the Southeast, and finally into the Mid-Atlantic states and into New England. The storm is forecast to dump a whopping ten to 20 inches of snow, creating dangerous conditions for about half the nation, according to the Washington Post. Widespread heavy snow, sleet, damaging ice, and a potential nor’easter could affect as many as 230 million Americans from Friday, January 23 to Monday, January 26, bringing temperatures below zero, according to the Weather Channel. While it’s too early to predict the storm’s exact path and snowfall, heavy snow is forecast for Memphis, Nashville, Washington, Baltimore, Philadelphia and New York City, and Boston. How to prepare for the winter storm The weather could create dangerous travel conditions, both on the roads and in the air, and has the potential for power outages amid freezing temperatures. Here are some tips from the National Weather Service (NWS) on what you can do to prepare before the storm: Make an emergency supply kit with things like a first aid kit, flashlight, cell phone charger, batteries, food and water, gloves, hates, boots and warm winter clothing For your car: Get a full tank of gas, snow shovel and brush, blankets, and jumper cables In case your heat goes out, here’s what to do, according to the NWS: Wear layers of loose-fitting, lightweight, warm clothing. Remove layers to avoid overheating, perspiration, and subsequent chill Close off unneeded rooms to avoid wasting heat Stuff towels or rags in cracks under doors Close blinds or curtains to keep in some heat Do not run a generator inside your home or garage The National Weather Service says food provides the body with energy for producing its own heat, so eat and drink lots of water and other non-caffeinated, non-alcholohic drinks to prevent dehydration. Cold air is hydrating. Stay safe and warm out there!
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E-Commerce
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