Chime to acquire Stride Bank for $590 million

Fintech company Chime has entered into a definitive agreement to acquire its longtime banking partner, Stride Bank, N.A., in an all-cash transaction valued at $590 million. The acquisition is intended to provide Chime with direct control over its banking infrastructure and a national bank charter, rather than pursuing a new charter from scratch.

Upon completion of the deal, which is expected to close in the first half of 2027 following regulatory approvals from the Federal Reserve and the OCC, Stride Bank will be rebranded as Chime Bank, N.A. and operate as a wholly owned subsidiary. Chime expects the move to generate more than $100 million in net synergies by eliminating sponsor bank fees, reducing funding costs, and expanding its lending capabilities.

Following the announcement, Chime raised its full-year 2026 revenue guidance to between $2.76 billion and $2.77 billion, representing a projected year-over-year growth of 26% to 27%. The company plans to keep the new bank's assets below $10 billion to manage regulatory implications. Stride Bank, which has been a partner to Chime for over seven years, is headquartered in Enid, Oklahoma.