Capital One Financial Corp. has bought Discover Financial Services, bringing together two of the biggest credit card firms so they can better compete with other Wall Street behemoths. The takeover was valued at $35 billion when it was announced in February 2024.

Capital One finalized its $35.3 billion purchase of Discover on Sunday, completing a credit card mega-merger announced more than a year ago. Nothing will immediately change for Discover customers, according to a press release issued Sunday by Capital One.

“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants,” said Richard D. Fairbank, Founder and CEO of Capital One, in a statement provided to CNET.