Insights: Capital One Announces Intention to Acquire Discover

February 2024
Fintech & Payments

US lender Capital One has agreed to buy Discover Financial for $35.3bn in an all-stock tie-up combining two of America’s largest credit card companies.

This deal would combine two of the largest players in the US credit cards market. Both Capital One and Discover are major issuers in the US, but Discover also operates its own card network. This network does not have the same level of acceptance as Mastercard and Visa, but with a potential transition of Capital One customers to the Discover Network, this could potentially provide a real challenge to Visa and Mastercard. Capital One is already one of the largest card issuers in the US, ranked fourth in 2022, behind Chase, American Express and Citi, with Discover ranked sixth. According to this data, if combined they would become the third largest issuer in the US. 

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