Chime, the Nasdaq-listed US FinTech, is set to acquire Stride Bank, N.A., its long-standing banking partner, for $590m as it moves to bring its banking infrastructure directly under its ownership.
The all-cash transaction will see Stride become a wholly owned subsidiary of Chime and be renamed Chime Bank, N.A. The deal is expected to close in the first half of 2027, subject to regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Board. The boards of both companies have unanimously approved the transaction.
Chime will pay approximately 1.5 times Stride’s tangible book value and plans to finance the acquisition from its existing balance sheet. The FinTech expects the transaction to increase earnings per share following completion and generate more than $100m in net synergies.
The expected savings will primarily come from removing sponsor-bank fees and reducing funding costs, while Chime also expects greater ownership of its lending operations to support growth. The acquisition is intended to provide Chime with a faster route to controlling its own banking infrastructure than applying for a new bank charter.
Following completion, Stride’s banking infrastructure will be integrated with ChimeCore, Chime’s proprietary technology platform. Chime expects the combination to reduce operational handoffs, bring data and decision-making closer together and accelerate the development of compliant financial products.
The company also expects direct ownership of the bank charter to strengthen the connection between the Chime brand and the underlying banking services. Chime plans to keep total assets below $10bn for the foreseeable future and consolidate its banking activities within Stride, with the bank primarily serving Chime’s consumer customers.
The acquisition comes alongside an increase to Chime’s 2026 financial guidance. The company now expects third-quarter revenue of $705m, representing year-on-year growth of approximately 30%, with adjusted EBITDA of between $117m and $120m. That would give the quarter an adjusted EBITDA margin of around 17%.
For the full year, Chime expects revenue of between $2.76bn and $2.77bn, representing growth of approximately 26% to 27%. Adjusted EBITDA is forecast at between $481m and $489m, with a margin of 17% to 18%.
Chime is a financial technology company focused on consumer banking, offering products across payments, deposits and lending. It serves more than 10 million active members. Deposits held through Chime are currently insured by the FDIC through The Bancorp Bank, N.A. or Stride Bank, N.A. Stride was established in 1913 and is headquartered in Enid, Oklahoma. It operates branches in Oklahoma and Salt Lake City and provides consumer and commercial banking, treasury management, mortgage and wealth management services.
Chime CEO and co-founder Chris Britt said, “We founded Chime because mainstream America deserved better banking. 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.”
Stride Bank chairman and CEO Brud Baker added, “Stride has spent more than a century serving customers and strengthening communities. 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.”
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