Chime shares climbed 7% on Wednesday after the fintech company agreed to acquire Stride Bank for $590 million, a deal that will put Chime on a stronger path toward operating as a full-fledged bank.
The acquisition would give Chime greater control over its banking operations and allow it to expand further into lending and other financial products traditionally offered by established banks. Stride has been one of Chime’s banking partners for more than seven years.
Analysts welcomed the deal, saying it could improve Chime’s unit economics while accelerating product development and strengthening customer trust. The company expects the transaction to generate more than $100 million in net synergies, mainly through lower banking-partner fees, expanded lending products and reduced funding costs.
The deal is expected to close in the first half of 2027, subject to regulatory approval. Chime said it plans to consolidate its banking activities under Stride following the completion of the acquisition, marking a major step in the fintech’s push to compete more directly with traditional banks.
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