CHIME ACQUIRES STRIDE BANK FOR $590M

Under the deal, Stride Bank will become Chime Bank, operating as a wholly owned subsidiary of Chime Financial. The acquisition marks a significant consolidation move for the fintech company, which has relied on Stride as a banking partner. The $590 million all-cash transaction reflects Chime's strategy to streamline operations and bring banking services in-house. By owning its banking infrastructure outright, Chime gains greater control over its platform and customer experience. Stride Bank has served as the FDIC-insured partner behind Chime's checking and savings accounts. The acquisition eliminates the need for intermediaries and positions Chime to operate more independently in the competitive fintech landscape. Market reaction was positive, with CHYM jumping more than 8.5% in after-hours trading, suggesting investor confidence in the consolidation strategy. The move comes as fintech companies increasingly seek to control more of their operational infrastructure.