Chime Financial Announces Acquisition of Stride Bank for $590 Million, Shares Rise
Chime Financial (NASDAQ:CHYM) announced a definitive agreement to acquire its long-time banking partner, Stride Bank, N.A., for $590 million in cash. The deal is expected to be renamed Chime Bank and operate as a wholly owned subsidiary after regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve are obtained. This acquisition will provide Chime with its own fully chartered banking subsidiary, eliminating reliance on third-party banks for key services. The company anticipates over $100 million in net synergies through reduced sponsor bank fees and expanded lending capabilities. The transaction is expected to be immediately accretive to earnings per share. Alongside the acquisition announcement, Chime raised its Q3 revenue guidance to $705 million and full-year 2026 revenue forecast between $2.76 billion and $2.77 billion. Chime shares rose 10.5% in premarket trading following the news, surpassing their previous 52-week high of $34.44.
Topics: acquisition Chime Financial revenue guidance stock price movement Stride Bank