CHIME TO BUY NATIONALLY CHARTERED STRIDE BANK FOR $590 MILLION

Summary from the TLDR Fintech newsletter

Chime is acquiring longtime banking partner Stride Bank for $590 million, giving the fintech a faster path to owning its banking infrastructure than pursuing a new charter. The deal will bring Stride's balance sheet in-house, support Chime's expansion into lending, and is expected to generate more than $100 million in net synergies. Chime also raised its full-year revenue outlook to 26%-27% growth.