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Becoming a bank will bolster prospective customers' trust in Chime and allow the fintech to move faster with product launches, CEO Chris Britt said Wednesday.
San Francisco-based Chime said Tuesday it seeks to acquire one of its bank partners, Enid, Oklahoma-based Stride Bank, for $590 million in cash. The deal combines the fintech's tech stack with the bank's infrastructure, and means lower funding costs and no more bank partner fees for Chime.
It's been "an inevitability" that "to achieve our ambition to be the leader in banking, we would at some point be a bank," Britt said Wednesday at a Goldman Sachs investor conference.
