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Chime Financial agrees to acquire Stride to accelerate its path toward becoming a full-stack bank.

Chime Financial has agreed to purchase the nationally chartered bank Stride. The acquisition is intended to provide a faster path to full-stack ownership compared to pursuing an independent bank charter. Chime Financial currently has approximately 10.4 million active members and aims to compete with incumbent banks for primary account and direct deposit relationships. Chris Britt, the CEO and co-founder of the company, stated that the acquisition will strengthen the company's model while maintaining its technology-driven strategy. Brud Baker, the chairman and CEO of Stride, will continue to lead Chime Bank after the deal closes. The transaction is expected to be accretive to earnings immediately upon closing, with Chime Financial expecting to realize approximately $100 million in net synergies. The fintech firm raised its third-quarter and full-year revenue guidance. The company now projects third-quarter revenue of $705 million, up from a previous target of $680 million to $690 million. Full-year revenue is now projected to be between $2.76 billion and $2.77 billion, compared to its previous goal of $2.725 billion to $2.745 billion.

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