Chime is buying Stride Bank for $590M to own the rails

Chime agreed to buy Stride Bank for $590 million in cash. The deal folds Stride's infrastructure into a new Chime Bank, N.A. — giving the fintech a national bank charter and bringing banking rails in-house.

The deal is immediately accretive and is expected to generate more than $100 million in net synergies. The savings come from lower partner-bank fees, cheaper funding, and expanded lending. Chime gets tighter control over its plumbing instead of renting it.

Stride has been a longtime partner bank. Now it's the bank.

Why this matters for us: when the rails belong to the company, fees drop and the app stays open to la gente — not just the bank's old partners.