Chime Secures Control Over Banking Infrastructure with Stride Acquisition

Chime Financial has finalized its acquisition of Stride Bank, N.A. for $590 million in cash. This deal marks one of the most significant moves in the fintech's history and allows Chime to convert its long-time banking partner into a wholly owned subsidiary.

The acquisition will rebrand Stride as Chime Bank, N.A., and operate as a direct subsidiary of Chime. The company expects over $100 million in net synergies from eliminating sponsor bank fees and expanding lending products.

Chime CEO Chris Britt framed the acquisition as an extension of the company's existing strategy rather than a pivot, saying it will make its 'member-aligned, technology-driven strategy' even stronger.

The deal is expected to be immediately accretive to earnings per share and will close once regulatory approvals from the OCC and Federal Reserve are received in the first half of 2027. Chime plans to keep its assets below $10 billion to preserve fee advantages tied to the Durbin Amendment.