CHIME AGREES TO ACQUIRE STRIDE BANK FOR $590M

Summary from the TLDR Fintech newsletter

Chime agreed to acquire longtime partner Stride Bank for $590 million in cash, giving the fintech a national bank charter and bringing banking infrastructure in-house under the future Chime Bank, N.A. The deal is expected to be immediately accretive and generate more than $100 million in net synergies through lower partner-bank fees, cheaper funding, and expanded lending, while giving Chime tighter control over product development, compliance, and its balance sheet.