Fintech company Chime has signed an agreement to acquire Stride Bank, a national chartered bank in the United States, for $590 million in cash. The transaction is expected to close in the first half of 2027, after which Stride will become a wholly-owned subsidiary of Chime and be rebranded as Chime Bank.

Chime stated that this acquisition is a significant milestone in its development, aiming to integrate its digital platform with Stride's banking license and infrastructure to create a single platform for the AI era. This move is intended to accelerate product development, reduce operating costs, and enhance consumer confidence. The company expects the transaction to be immediately accretive to earnings per share. Chime also raised its full-year outlook, projecting revenue to be between $2.76 billion and $2.77 billion, representing a year-over-year increase of approximately 26% to 27%; adjusted EBITDA is expected to be between $481 million and $489 million.

The transaction is subject to approval from the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve.