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The deal would give the fintech a nationally chartered bank subsidiary, cutting partner fees and lowering funding costs
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Chime agreed to acquire Stride Bank, N.A. for $590 million in cash, the San Francisco-based fintech said Tuesday, gaining a national bank charter through a partner it has worked with for more than seven years.
Under the deal, Stride will be renamed Chime Bank, N.A. and operate as a wholly owned subsidiary. Closing is anticipated in the first half of 2027, subject to sign-off from the Office of the Comptroller of the Currency and the Federal Reserve's Board of Governors, the company said.
