Chime acquires Stride Bank for $590 million to get bank charter

The financial technology sector is seeing a push for banking charters. Crypto firm Block has officially filed for a U.S. bank charter to expand its operational capabilities. Simultaneously, Chime has reached an agreement to acquire Stride Bank for $590 million. This strategic acquisition allows Chime to secure its own bank charter, reducing reliance on partner banks and enhancing its service offerings. Both moves signal a significant shift toward formal banking integration for major fintech players.