Fintech Heavyweights Chime, US Bank, Circle, and Block Make Big Moves
US fintech Chime has agreed to purchase Oklahoma-headquartered Stride Bank for $590 million in an all-cash deal. The transaction, valued at 1.5 times Stride's tangible book value, is subject to customary closing conditions and approval from the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System.
Following the acquisition, Stride will rebrand as Chime Bank NA, with Chime stating that owning a bank will eliminate partner-bank fees and reduce funding costs. The fintech expects to realize more than $100 million in net synergies through sponsor bank fee savings, expansion of lending products, and lower cost of funds.
US Bank has successfully completed its live cross-border pilot transaction using the USBDC stablecoin on the Stellar blockchain. The pilot aims to bridge gaps in the global banking system with 24/7 transaction capabilities.
Circle has agreed to acquire Singapore-based paytech Tazapay for $400 million, bolstering its global reach and combining USDC with Tazapay's local payout rails and institutional customer base to accelerate adoption. Lisa Jacobs will step down as CEO of Funding Circle by September 2027, while Block has filed a national trust bank charter application with the OCC.