Chime has agreed to acquire Central Service Corporation, the parent company of Stride Bank, for $590 million. The agreement follows more than seven years during which Stride served as Chime's bank partner.
According to the source, Chime said acquiring Stride offers a faster route to owning the banking infrastructure it relies on than pursuing a new bank charter. Chime also said that owning rather than partnering would give it greater speed, control and stronger economics. It expects more than $100 million in net synergies, including savings on partner-bank fees and lower funding costs.
The source frames the transaction as a choice between buying and building, noting that where more than one path to ownership exists, an acquisition should be measured against the alternative path rather than the status quo. In this case, that meant weighing the $590 million purchase against building banking capability through a new charter.
The deal is signed but not closed. Chime expects closing in the first half of 2027, subject to regulatory approvals and other customary closing conditions.