Chime is taking a major step toward becoming a full-fledged banking company, agreeing to acquire longtime partner Stride Bank in a $590 million cash deal that would bring much of the financial infrastructure behind Chime’s popular banking services directly under its control.
The deal may surprise some Chime customers because although the company offers checking accounts, debit cards, credit-building products and other financial services, Chime itself has not traditionally been a bank. Instead, banking services have been provided through federally regulated partner banks, including Stride, which has worked with Chime for more than seven years.
Under the agreement, Chime will acquire Stride’s parent company, Central Service Corporation. Once the transaction closes, Stride will become Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime. The acquisition gives Chime access to Stride’s national bank charter and provides a faster route to owning the banking infrastructure behind its services than applying for a new charter from scratch.
Chime says the combination should allow it to develop products faster, expand lending and reduce its reliance on outside banking partners. The company expects more than $100 million in net financial benefits from lower partner-bank fees, expanded lending products and lower funding costs. Chime currently serves more than 10 million active members.
The transaction is expected to close during the first half of 2027, pending regulatory approval and other closing conditions. Chime plans to consolidate its banking activities under Stride after the deal closes, marking a significant evolution for a company that built its business largely by offering a digital alternative to traditional banks.
The Readovia Lens
Chime’s decision to buy one of the banks that has powered its services represents more than another fintech acquisition. It moves Chime closer to becoming the kind of institution it originally set out to challenge, combining its consumer-facing technology and millions of members with a nationally chartered bank operating underneath it.
