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Chime's $590 million acquisition of Stride Bank eliminates sponsor fees, brings deposits in-house, and sent CHYM shares up 7% to $34.55.
Owning Stride reduces Chime's reliance on its $500 million Goldman Sachs warehouse facility by using member deposits to fund member loans directly.
Chime must keep Stride below the Durbin asset threshold to protect $430 million in quarterly payments revenue, capping how much deposits migrate in-house.
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