Chime has acquired Stride Bank, N.A. for $590.0 million, a cash transaction that brings the Oklahoma-based financial institution under the ownership of the digital banking platform. The deal, which has been approved by the boards of both companies, marks a definitive shift in Chime’s operational structure, moving it from a partner of Stride to its outright owner.
Stride Bank, founded in 1913 and headquartered in Oklahoma, is a full-service financial institution managing over $4 billion in assets. Its operations span consumer and commercial banking, mortgage lending, wealth management, and treasury services, alongside specialized payment solutions for national fintech clients. The bank maintains a branch network across Oklahoma and Utah, with locations in Enid, Tulsa, Oklahoma City, Bartlesville, Blackwell, Woodward, Mooreland, and Salt Lake City. Chime, a financial technology company offering mobile banking services, previously relied on Stride as a partner bank to provide FDIC-insured deposit accounts to its customers.
The acquisition is a strategic move for Chime to secure its own banking charter and reduce its dependence on third-party partners for core regulatory and deposit functions. By owning Stride, Chime gains direct control over the infrastructure that underpins its consumer products, including payment processing and compliance systems. For Stride, the transaction provides access to Chime’s scale and technology resources, potentially accelerating its existing fintech-focused payment solutions while preserving its community banking operations in Oklahoma and Utah.
The combined entity is expected to integrate Chime’s digital platform with Stride’s established banking framework, allowing for more streamlined product development and regulatory oversight. Stride’s wealth management and mortgage divisions will continue to operate under their current structure, though they may see expanded distribution through Chime’s user base. The deal is anticipated to close in the coming quarters, subject to regulatory approvals. Post-closing, the focus will be on maintaining service continuity for existing Stride customers while gradually aligning operational processes, with the long-term goal of offering a broader range of financial products under a single, unified ownership model.