Chime Financial (NASDAQ: CHYM) has agreed to acquire Stride Bank, N.A. for $590 million in cash, the company announced. Stride, a nationally chartered bank founded in 1913 and headquartered in Enid, Oklahoma, has served as Chime's bank partner for more than seven years.

Upon closing, Stride Bank will be renamed Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime. The transaction represents approximately 1.5x tangible book value for Stride, which the company describes as profitable and well-capitalized. Chime expects to fund the purchase from cash on its balance sheet, with no incremental capital contribution anticipated.

Chime said it expects more than $100 million in net synergies from the deal, driven by the elimination of sponsor bank fees, expansion of lending products, and a lower cost of funds. The transaction is expected to be accretive to earnings per share immediately upon closing.

The company also raised its financial guidance. For the third quarter of 2026, Chime now expects revenue of $705 million, representing approximately 30% year-over-year growth, and adjusted EBITDA of $117 million to $120 million. For the full year, Chime projects revenue of $2.76 billion to $2.77 billion, reflecting 26% to 27% growth, with adjusted EBITDA of $481 million to $489 million.

The transaction is subject to approval by the Office of the Comptroller of the Currency and the Federal Reserve, and is expected to close in the first half of 2027. Both companies' boards have unanimously approved the deal.

Morgan Stanley & Co. LLC is serving as financial advisor to Chime, with Wachtell, Lipton, Rosen & Katz as legal counsel. Piper Sandler & Co. is advising Stride, and McAfee & Taft is serving as Stride's legal counsel.