Chime agrees to acquire longtime banking partner Stride Bank for $590M; Stride will become Chime Bank, a wholly owned subsidiary; CHYM jumps 8.5%+ after hours (Paige Smith/Bloomberg)

Chime will purchase its longtime banking partner Stride Bank for $590 million, converting Stride into a wholly owned subsidiary named Chime Bank. The transaction gives Chime direct control over its banking operations and expands its balance-sheet capabilities. Following the announcement, Chime’s ticker (CHYM) rose more than 8.5% in after-hours trading.