Chime Financial Raises Guidance and Announces Acquisition of Stride Bank
Chime Financial has raised its third-quarter revenue guidance to $705 million from a previous range of $680 million-$690 million. The company also increased its full-year revenue forecast to between $2.76 billion and $2.77 billion, up from the earlier target of $2.725 billion-$2.745 billion. In addition to stronger-than-expected performance, Chime announced it has agreed to acquire Stride Bank, a nationally chartered bank. The news led to a significant jump in Chime Financial's stock price overnight and is seen as a breakout moment for the mobile banking firm. The acquisition of Stride could enhance Chime’s capabilities by providing access to traditional banking infrastructure while supporting its growth strategy through expanded services and customer reach.
Topics: Acquisition Guidance Revenue Growth