Stephanie Flanders

into everything that we've done, we made a lot of decisions around the way we accelerated growth over the past few years, went after the enterprise, became a cash flow positive company.

And this combination of factors made this be a really special outcome.

And we think that private companies that mirror themselves on a point in time valuation, you know, eventually forget that everything converges to public markets eventually.

And when we compare where Brex is today with where a lot of peers have IPO'd and where other companies on a private basis have been, we think this is a really exciting and different outcome.

But the real reason behind it and the real reason I'm so excited for this next phase of Brex

is because this is the beginning of us building the largest and I think the most important platform for businesses when you combine the scale, the balance sheet, the distribution, and the tech mindset that Capital One has with the product and the technology that we have at Brex.

So really, at the end of the day, it's about building something bigger than what we could ever build as a standalone company.

How will it change your trajectory?

What will you build?

Is it AI that gets infused?

What more does this give you power to do?

So just giving you two examples.

So Capital One has a $6 billion marketing budget.

Brex has a fraction of that, less than 1% of that today.

Just imagine the distribution and the capability to go in and serve the millions of businesses in the US.

Capital One also serves already millions of businesses today.

And all these businesses will benefit from the Brex product and technology that really helps them run their business in a much better way.

And then when you're looking at the R&D side and AI to your point, Capital One has a $6 billion, again, R&D budget as well.

And when you combine this with the product roadmap and the vision that we have at Brex, we think we're going to accelerate this momentum tremendously and continue to build in a much steeper trajectory than what we're able to do now.

And the benefit at the end for customers will be a much better product, a much more robust roadmap, and just accelerating our path