Franceschi: Capital One spends $6B on marketing and $6B on R&D
Pedro Franceschi · How Brex signed a $5.15B Deal in ~40 Days · Sourcery with Molly O'Shea · Jan 30, 2026 · at 5:40
Pedro Franceschi, co-founder and CEO of Brex, breaks down the scale and resource advantages of Capital One acquiring Brex.
0:00 / 0:04exact quote · 4.1s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“They have, you know, a six billion dollar marketing budget, a six billion dollar R&D budget.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Pedro Franceschi
Franceschi: Private fundraising valuations differ fundamentally from 100% full-liquidity acquisitions
“When someone fundraises a private company, you're selling one, two percent of the company, right? When you're selling, when you're doing a transaction like this one, you're selling 100% of the company. So there's a very big difference between putting in a hund…”
Franceschi: Brex is growing 40% to 50% and borderline cash-flow positive
“You look at where the company is today, you know, the company is growing, you know, 40 to 50%. You know, borderline cashflow positive.”
Capital One acquired Brex at a 13.4x forward gross profit multiple
“And Adyen trades at just below 14 times gross profit. This deal is at 13.4. So, so when you just compare to where all the multiples exist in the range of outcomes of being a public company, this is the very, very top of the range.”
Franceschi: Brex will be third-largest US corporate card on day one
“And then you look on this on day one after closing, Brexit will be the third largest corporate card in the country.”