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Inside incumbent banks’ push to own the embedded finance stack
Capital One has spent the past two years doing something unusual for many US banks: rebuilding itself in plain view.
First came the Discover acquisition in 2024, a move widely read as a scale play that gave Capital One greater reach across credit cards, payment rails, and consumer financial infrastructure. Then came the Brex acquisition announcement in January 2026, a very different kind of asset on paper, but one that fits a similar underlying logic.
These deals signal that Capital One is collapsing the distance between product and distribution, software and balance sheet, embedded finance and the bank itself. This isn’t about cards. And it’s not really just about M&A. It’s about ownership.
Two deals, one story
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