Chime Acquires Stride Bank for $590 Million

Chime, a US fintech company, has agreed to acquire Stride Bank of Enid, Oklahoma for $590 million in cash. The deal will see Stride become Chime Bank and operate as a wholly owned subsidiary. This acquisition is expected to close in the first half of 2027, pending approval from the Office of the Comptroller of the Currency and the Federal Reserve.

According to Chime, the benefits of this acquisition include faster product development, greater resilience and member trust, and a stronger cost position. The company expects to save over $100 million in net synergies through reduced sponsor fees, lower costs of funds, and expanded lending opportunities.

Chime's CEO Chris Britt framed the purchase as an acceleration rather than a change of direction, stating that it moves Chime toward becoming 'the largest provider of primary bank accounts in America'. The company also raised its guidance on revenue for this quarter to $705 million, up about 30% year-on-year.