Chime shares jump 10% as Stride deal puts fintech on path to bank charter

Chime’s stock surged 10% in premarket trading on Wednesday, September 9, after the fintech firm agreed to acquire Stride for $590 million—a move that secures a bank charter and allows it to broaden its lending business.

Over the past several years, Chime has risen to prominence as a major challenger to traditional banking giants, steadily taking away market share with its low-cost, mobile-first financial services.

The Stride Bank deal, announced late Tuesday, pushes that challenge further by giving Chime greater control over operations as it expands into products and services that have typically been dominated by conventional lenders.

Wall Street analysts applauded the transaction. Piper Sandler noted that it would strengthen Chime’s unit economics while granting the company greater command over product development.

"We see this as a bold move with the potential to accelerate Chime’s market share," analysts at William Blair wrote in a research note.

A growing number of fintechs, neobanks, and digital-asset companies are pursuing bank charters as they seek to play a larger role in the financial system.

Stride, a nationally chartered bank, has been Chime’s partner for over seven years. On Tuesday, the fintech firm also increased its third-quarter and full-year revenue and core profit growth forecasts.

Chime expects to keep its assets below $10 billion for the foreseeable future. Analysts see this threshold as important because it keeps the company "Durbin-exempt," meaning it is not subject to the debit-card fee limits imposed on banks by the 2010 Durbin amendment.

"Becoming a full-fledged bank should allow Chime to capture a higher share of wallet with customers, increasing its direct depositor base and solidifying the moat around its platform," Evercore ISI analysts wrote.

Chime estimates the deal will generate over $100 million in net synergies, driven by lower sponsor bank fees, expanded lending products and a significantly lower cost of funds. The acquisition is expected to close in the first half of 2027.

"The acquisition will support faster product innovation, increased member trust, a structural cost advantage and greater control," Wolfe Research analysts wrote.