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Chime to Become Bank by Buying Partner Stride for $590 Million

Chime Financial Inc. struck a deal to buy Stride Bank for $590 million in cash, snapping up its longtime partner as the fintech streamlines its operations. Stride will become Chime Bank, a wholly owned subsidiary, according to a statement Tuesday. Stride has been one of Chime’s bank partners for more than seven years, but the fintech had also used Bancorp Bank. After the deal, Chime said it will consolidate its banking activities at Stride and will seek to keep the bank’s assets below $10 billio...

Read more at bloomberg.com

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