Chime Agrees to Acquire Stride Bank for $590 Million in Cash

Chime announced on September 8, 2026 that it has entered into a definitive agreement to acquire Stride Bank, N.A., a nationally chartered bank that has been Chime’s bank partner for more than seven years, for $590 million in cash. Upon closing, Stride will become Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime, according to Chime’s announcement.

The transaction value represents approximately 1.5 times tangible book value for Stride, which the release describes as a profitable and well-capitalized bank. Chime stated that it is profitable and expects to fund the purchase from cash on its balance sheet, with no incremental capital contribution anticipated.

Chime said the combination of its digital platform and primary account relationships with Stride’s national charter and bank infrastructure will create an end-to-end platform; that owning the bank will eliminate partner-bank fees, reduce funding costs, and improve unit economics; and that the combined entity will be able to serve consumers across all 50 states. The company said integrating ChimeCore, its AI-native proprietary technology stack, with Stride’s banking infrastructure will unify data and decisioning and allow more streamlined development of regulatory compliant products. It described the acquisition as a faster and more proven path to full-stack ownership than pursuing a de novo bank charter.

“We founded Chime because mainstream America deserved better banking,” said Chris Britt, CEO and co-founder of Chime. Britt said the company’s member-aligned, technology-driven strategy will remain the same, and that combining Chime’s brand and member relationships with Stride’s charter and team will accelerate its vision of becoming the largest provider of primary bank accounts in America. Chime said its payments-led model now serves more than 10 million Active Members.

A Seven-Year Banking Partnership

Founded in 1913 and headquartered in Enid, Oklahoma, Stride operates branches in Oklahoma and Salt Lake City, where it offers consumer and commercial banking, treasury management, mortgage lending, and wealth management. The bank serves consumers, businesses, and fintech partners, and Chime said member accounts are already a significant contributor to Stride’s deposits.

“Stride has spent more than a century serving customers and strengthening communities,” said Brud Baker, Stride’s chairman and CEO. Baker said Stride’s national bank charter and experienced team will be central to the combined organization and that he looks forward to continuing to lead Chime Bank.

Chime has pledged 1% of its equity to the Chime Scholars Foundation. The company said the foundation has provided nearly $10 million in post-secondary scholarships to approximately 1,500 scholars over the past five years, and that the combined organization will look to create new opportunities to deepen its impact nationwide.

Chime expects the transaction to be accretive to earnings per share immediately upon closing, with more than $100 million in net synergies driven by sponsor bank fee savings, expansion of lending products, and a lower cost of funds. The company said owning rather than partnering will allow it to more efficiently expand its lending business, which it described as fast-growing and powered by disciplined underwriting. Following the closing, Chime expects to consolidate its banking activities at Stride, which will focus primarily on supporting Chime’s consumer business, and said it will manage its balance sheet to keep assets below $10 billion for the foreseeable future.

Alongside the agreement, Chime raised its 2026 outlook. For the third quarter, the company now expects revenue of $705 million, representing year-over-year growth of approximately 30%, and adjusted EBITDA of $117 million to $120 million, a margin of roughly 17%. For the full year, Chime now expects revenue of $2.76 billion to $2.77 billion, representing year-over-year growth of approximately 26% to 27%, and adjusted EBITDA of $481 million to $489 million, a margin of 17% to 18%. Adjusted EBITDA is a non-GAAP measure; Chime said it did not provide forward-looking GAAP equivalents or a reconciliation because of uncertainty regarding reconciling items such as stock-based compensation expense.

Regulatory Path and Advisors

The transaction is expected to close in the first half of 2027, subject to approvals by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, along with other customary closing conditions. The boards of directors of both companies have unanimously approved the transaction. The release’s forward-looking-statement section notes that, as a result of the transaction, Chime will become a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended.

Morgan Stanley (MS ) & Co. LLC is serving as exclusive financial advisor to Chime, and Wachtell, Lipton, Rosen & Katz is serving as Chime’s legal counsel. Piper Sandler & Co. is serving as financial advisor to Stride, and McAfee & Taft is serving as Stride’s legal counsel.