Chime to Buy Stride Bank for $590 Million
Chime, a major U.S. financial technology company, has long relied on partner banks including Stride Bank to provide deposit accounts, debit cards and lending products because it does not hold its own banking charter. Acquiring Stride would bring core banking operations inside the group, reduce fees paid to partners and give Chime greater control over deposits, credit products and product development, marking a significant strategic shift after its public listing.
Chime agreed to acquire longtime partner Stride Bank for $590 million in cash, with the transaction expected to close in the first half of 2027, subject to regulatory approval. After completion, Stride Bank will be renamed Chime Bank and operate as a wholly owned subsidiary. The deal would give Chime its own banking charter for the first time, allowing it to expand lending more quickly while retaining more of the economics from its financial products.
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The history behind this eventChime Beats Q2 Estimates as Digital Model Gains Ground on Banks
Chime is a financial technology company rather than a chartered bank, offering deposit accounts through The Bancorp Bank and Stride Bank. Its asset-light model relies heavily on interchange fees generated when members use Chime-branded cards, aligning revenue with payment activity instead of traditional net interest margins and account fees. Combined with a mobile-first experience and Chime Prime rewards, the model gives Chime a compelling value proposition as it competes for consumers’ primary financial relationships.
On Aug. 5, 2026, Chime reported second-quarter revenue of $670 million for the period ended June 30, up 27% and above a market estimate of roughly $653 million. GAAP net income was $28 million, marking a second consecutive profitable quarter. Active Members rose 20% to 10.4 million, while Purchase Volume increased 17% to $38 billion. Chime raised its full-year revenue forecast to $2.725 billion to $2.745 billion, citing momentum from Chime Prime and higher member engagement.
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