Chime Financial Set to Acquire Stride Bank for $590 Million

Chime Financial has agreed to purchase Stride Bank for $590 million in an all-cash transaction, set to finalize between early-to-mid 2027. This move marks a significant step towards Chime's transformation from a fintech partner to a full-fledged banking entity.

The acquisition will see Stride Bank rebrand to Chime Bank, N.A., operating as a fully-owned subsidiary under Chime's ownership. The partnership between the two companies spans over seven years, during which Stride has supplied the banking infrastructure supporting Chime's checking account products and related financial services.

Following the announcement, shares of Chime surged 10% in after-hours trading, currently trading at around $32.31. UBS analysts have adjusted their price target for CHYM from $28 to $31 while maintaining a Neutral stance.