On September 9, Chime Financial, Inc. rose 9.17% in after-hours trading, trading at $35.3 per share, with turnover of $6.4282 million. The rally was driven by the company's announcement that it has agreed to acquire Stride Bank for $590 million in cash.

Upon closing, Stride will be renamed Chime Bank, N.A. and will operate as a wholly owned subsidiary. 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 also plans to consolidate its banking activities onto the Stride platform, focusing on consumer business development.

Alongside the deal, Chime raised its Q3 revenue guidance to $705 million and lifted its full-year revenue outlook 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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