Chime buys Stride for $590 million
Chime shares rose after agreeing to purchase Stride for $590 million to secure a bank charter. The deal expands its lending business and raises its financial forecasts.
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CHIME FINANCIAL INC-CL A shares climbed 7% in Wednesday morning trading after the fintech firm agreed to acquire Stride for $590 million to secure a bank charter. The deal allows Chime to expand its lending operations and challenge traditional lenders directly. The acquisition marks a major strategic shift for the digital financial services provider.
