Stride Bank

Fintech · Banking

Acquisition

Chime to acquire Stride Bank for $590M, bringing banking in-house

Rather than wait years for a new charter, the fintech skips the line by buying an already-licensed bank outright.

• Chime signed a definitive agreement to acquire Stride Bank, N.A. for $590 million in cash, with the deal expected to close in the first half of 2027.
• Stride, chartered in Enid, Oklahoma and founded in 1913, has served as Chime's primary sponsor bank for more than seven years, running the accounts behind its debit and savings products.
• The purchase price is about 1.5x Stride's tangible book value; upon closing Stride becomes Chime Bank, N.A., a wholly owned subsidiary, making Chime a bank holding company.
• Chime expects the deal to generate more than $100 million in net synergies from eliminated sponsor-bank fees, expanded lending and lower funding costs.
• Chime plans to fund the all-cash purchase entirely from its own balance sheet with no additional capital raise; Morgan Stanley is advising Chime, Piper Sandler is advising Stride.
• The move follows a broader fintech push toward bank charters under a more permissive regulatory climate, with Block, Revolut, Affirm, PayPal, Circle and Coinbase all pursuing similar approvals in 2026.
• Owning a charter outright lets Chime bypass the multi-year de novo bank approval process and directly capture the cost and compliance advantages that regulators typically reserve for full banks.