The fintech provider Chime is acquiring Stride Bank, its bank partner for more than seven years, for $590 million in cash.
The combination of Chime’s digital capabilities with Stride’s national charter and bank infrastructure will strengthen key competitive advantages that have driven Chime’s growth.
Specifically, integrating ChimeCore, the company’s AI-native technology, with Stride’s banking infrastructure will unify data, decision-making, and reduce handoffs. Also, owning the bank will eliminate partner-bank fees, reduce funding cost, and improve unit economics for Chime. Further, the combined entity will be able to serve consumers across all 50 states and expand the addressable market.
“We founded Chime because mainstream America deserved better banking,” Chris Britt, CEO and co-founder of Chime, said. “Our member-aligned, technology-driven strategy will remain the same. This acquisition will make our proven model even stronger. By combining Chime’s leading brand and deep member relationships with Stride’s national charter and team, we will accelerate toward our vision to be the largest provider of primary bank accounts in America.”
Upon closing, Stride will become Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime.
Stride was founded in 1913 and is headquartered in Enid, Oklahoma. Because Stride is already a Chime partner. Chime member accounts are already a significant contributor to Stride’s deposits. The close working relationship and established processes between the companies will ensure a smooth transition for Chime and Stride’s customers.
“Stride has spent more than a century serving customers and strengthening communities,” Brud Baker, chairman and CEO of Stride Bank, said. “For seven years, we have seen firsthand how Chime puts members first and how seriously it takes its mission. That gives us real confidence in this combination and the future we can build together. Stride’s national bank charter and experienced team will be central to what comes next. I look forward to continuing to lead Chime Bank, creating new opportunities for our customers, communities, and employees.”
Following the closing, Chime expects to consolidate its banking activities at Stride, which will focus primarily on supporting Chime’s consumer business.
The transaction is expected to close in the first half of 2027, subject to approvals by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, and the satisfaction of other customary closing conditions.
The boards of directors of both companies have already approved the transaction.