Chime Buys Stride Bank for $590M, Taking Control of Banking Operations

Chime Financial has made a significant move in its quest to become a full-fledged bank. The fintech company announced on September 8 that it will acquire Stride Bank, N.A., its current banking partner, for $590 million in cash.

The deal will transform Chime from a fintech that relies on partner banks to process transactions into something closer to a traditional bank. Stride has been Chime's banking partner for over seven years, and the acquisition is expected to generate more than $100 million in net synergies.

Chime expects the savings to come from two main sources: eliminating sponsor bank fees and expanding its lending product suite with direct control over a bank charter. The deal is structured as an all-cash transaction and is expected to be immediately accretive to earnings per share.

Chime also bumped up its financial outlook alongside the announcement, forecasting full-year 2026 revenue guidance of $2.76 to $2.77 billion, representing 26% to 27% year-over-year growth. The company's stock rose approximately 6% in after-hours trading following the news.

The deal will be subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve, with Chime expecting approvals to land in the first half of 2027. One strategic detail stands out: Chime plans to keep its assets below $10 billion, which is significant because banks with more than $10 billion in assets are capped debit card interchange fees under the Durbin Amendment.

Chime will continue its relationship with The Bancorp Bank, N.A. for the time being, suggesting a gradual transition to full in-house banking rather than an overnight switch.