Chime is paying $590m for its own sponsor bank

Chime will acquire Stride Bank for $590 million in cash, forming Chime Bank as a wholly owned subsidiary. The transaction is expected to close in the first half of 2027 after OCC and Federal Reserve approval. It will eliminate sponsor-bank fees, lower cost of funds, and add over $100 million in net synergies, immediately boosting earnings per share. Chime’s quarterly revenue guidance rose to $705 million, up 30% year-on-year, and the company now projects full-year revenue of $2.76 billion to $2.77 billion.