Chime to Acquire Bank Partner Stride In $590M Deal
By CU Today Staff —
SAN FRANCISCO—Chime has agreed to acquire longtime bank partner Stride Bank for $590 million in cash, a deal that would give the financial technology company its own nationally chartered bank, PYMNTS reported.
According to PYMNTS, the transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary conditions. Oklahoma-based Stride, which has partnered with Chime for more than seven years, would become Chime Bank, N.A., a wholly owned Chime subsidiary.
“This acquisition will make our proven model even stronger,” Chime CEO and co-founder Chris Britt said, according to PYMNTS. “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.”
PYMNTS reported the acquisition would allow Chime to reduce its reliance on partner banks and eliminate associated fees while lowering funding costs. Stride's chairman and CEO, Brud Baker, is expected to continue leading the institution as Chime Bank. The deal builds on a relationship that was extended in 2023, when Stride said its banking-services partnership allowed Chime to offer regulated banking products.
Originally reported by CU Today.