Chime To Acquire Stride Bank
(RTTNews) - Chime Financial, Inc.(CHYM) agreed to acquire Stride Bank for $590 million in cash.
The deal is expected to close in the first half of 2027.
The company said that Stride will become Chime Bank and a wholly owned subsidiary after closing.
The deal is expected to be immediately accretive to earnings per share and generate more than $100 million in net synergies.
The company said that the acquisition will give the company direct control of its banking infrastructure, lower costs and funding expenses, and support its lending business.
Looking ahead, the company raised its full year 2026 revenue outlook to $2.76 billion-$2.77 billion and adjusted EBITDA outlook to $481 million-$489 million.
The company also said that the third-quarter revenue is expected to be $705 million, with adjusted EBITDA of $117 million-$120 million.
The acquisition is expected to improve its cost structure and support faster growth in lending and other banking products.
Chime closed trading 4.30% lesser at $32.31 on the Nasdaq. In the overnight, the stock traded, 11.955 higher at $36.17.
