SAN FRANCISCO, Sept 9 — Chime® (NASDAQ: CHYM), America’s #1 choice for banking1, today announced that it has entered into a definitive agreement to acquire Stride Bank, N.A. (“Stride”) for $590 million in cash.2 Stride is a nationally chartered bank that has been Chime’s bank partner for more than seven years. Upon closing, Stride will become Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime.
The transaction marks an important milestone in Chime’s evolution from industry challenger to category leader. Chime’s technology-driven, payments-led model has reshaped the industry and now helps more than 10 million Active Members3 make financial progress. The combination of Chime’s digital core, trusted brand, and primary account relationships with Stride’s national charter and bank infrastructure will create an end-to-end platform built for the AI era. This will strengthen key competitive advantages that have driven Chime’s industry-leading growth:
- Faster product innovation for the AI era. Integrating ChimeCore, the company’s AI-native, proprietary technology stack, with Stride’s banking infrastructure will unify data, decisioning, and reduce handoffs. AI is allowing Chime to build faster than ever, and a subsidiary bank charter will allow for even more streamlined development of regulatory compliant products.
- Increased resilience and member trust. Combining Chime’s modern technology with Stride’s scaled banking foundation will make the platform even more reliable and resilient. A direct connection between Chime and the bank behind member accounts will also deepen trust and give more consumers the confidence to make Chime their primary account.
- Even stronger structural cost advantage. Owning the bank will eliminate partner-bank fees, reduce funding cost, and improve unit economics. The combined entity will be able to serve consumers across all 50 states and expand the addressable market.
“We founded Chime because mainstream America deserved better banking,” said Chris Britt, CEO and Co-founder of Chime. “Our member-aligned, technology-driven strategy will remain the same. This acquisition will make our proven model even stronger. By combining Chime’s leading brand and deep member relationships with Stride’s national charter and team, we will accelerate toward our vision to be the largest provider of primary bank accounts in America.”
A Proven Partnership
Founded in 1913 and headquartered in Enid, Oklahoma, Stride is a bank with deep community roots and a long track record of serving consumers, businesses, and fintech partners. Its experienced leadership, strong operations, and established banking, risk, and compliance capabilities have made Stride a trusted Chime partner. Chime member accounts are already a significant contributor to Stride’s deposits, reflecting the scale and strength of the companies’ relationship. The close working relationship and established processes between the companies will ensure a smooth transition for Chime and Stride’s customers.
“Stride has spent more than a century serving customers and strengthening communities,” said Brud Baker, Chairman and CEO of Stride Bank. “For seven years, we have seen firsthand how Chime puts members first and how seriously it takes its mission. That gives us real confidence in this combination and the future we can build together. Stride’s national bank charter and experienced team will be central to what comes next. I look forward to continuing to lead Chime Bank, creating new opportunities for our customers, communities, and employees.”
The acquisition of Stride Bank provides Chime with a faster and more proven path to full-stack ownership versus pursuing a de novo bank charter.
Chime and Stride share a longstanding commitment to the people and communities they serve. Chime has put that into action by pledging 1% of its equity to the Chime Scholars Foundation, which has already provided nearly $10 million in post secondary scholarships to approximately 1,500 scholars over the past five years. Following the acquisition, the combined organization will look to create new opportunities to deepen its impact nationwide.
Financially Compelling from Day One
Chime’s core mission, strategy, and business model will remain the same — payments-led and asset-light. Owning rather than partnering will give the company greater speed, control, and stronger economics. It will also allow Chime to more efficiently expand its fast-growing lending business powered by disciplined underwriting.
The transaction is expected to be accretive to earnings per share immediately upon closing, with further upside over time. Chime expects to realize more than $100 million in net synergies, driven by sponsor bank fee savings, expansion of lending products, and a significantly lower cost of funds.
The transaction value represents approximately 1.5x tangible book value for Stride, a profitable and well-capitalized bank. Chime is profitable and expects to fund the purchase from cash on its balance sheet, with no incremental capital contribution anticipated.
Following the closing, Chime expects to consolidate its banking activities at Stride, which will focus primarily on supporting Chime’s consumer business. Chime will manage its balance sheet and keep its assets below $10 billion for the foreseeable future.
Raising Third-Quarter and Full-Year 2026 Guidance4
For the third quarter, Chime now expects revenue of $705 million, representing year-over-year growth of approximately 30%, and adjusted EBITDA of $117 to $120 million, a margin of roughly 17%.
For the full year, Chime now expects revenue of $2.76 to $2.77 billion, representing year-over-year growth of approximately 26% to 27%, and adjusted EBITDA of $481 to $489 million, a margin of 17% to 18%.