Capital One's planned $35.3 billion acquisition of a rival credit card company, Discover, was approved by two regulators, Federal Reserve and the Office of the Comptroller of the Currency, on Friday.

The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.

The Federal Reserve and Office of the Comptroller of the Currency said on Friday they have approved the merger of Capital One and Discover, clearing the last major hurdles for a tie-up between the two banks.