On September 9, Chime Financial, Inc. rose 9.63% overnight, trading at 35.56 USD/share, with Turnover of 7,184.38 USD. The rally was driven by the company's announcement of a definitive agreement to acquire Stride Bank for $590 million in cash.

Upon closing, Stride Bank will be renamed Chime Bank, N.A. and will operate as a wholly owned subsidiary of Chime Financial, Inc. The company stated that the acquisition will be funded entirely from existing cash reserves on its balance sheet, requiring no additional capital injection. The transaction is expected to be immediately accretive to earnings per share, with net synergies exceeding $100 million, primarily derived from sponsor bank fee savings, expanded lending products, and a lower cost of funds. Chime plans to consolidate its banking activities onto the Stride platform, focusing on supporting its consumer business.

Alongside the acquisition announcement, the company raised its Q3 revenue guidance to $705 million and lifted full-year revenue guidance to $2.76 billion to $2.77 billion. The transaction is expected to close in the first half of next year.

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