Stakk to Supply Embedded Finance Solution to Chime Financial’s Mobile Banking App

Stakk (ASX: SKK) has secured a master services agreement and corresponding service order form with US-based digital banking platform Chime Financial for the delivery of its Stakk IQ embedded finance solution.

The initial 12-month solution will encompass Stakk’s mobile image capture, image authentication, optical character recognition (OCR), and document and data orchestration capabilities to power a range of Chime’s deposit acceptance methods.

It will be available to eligible customers via the Chime banking app, which more than 22 million US customers currently use.

Digital Banking Platform

Chime Financial is a fintech company with its head office in San Francisco that operates as a digital banking platform, emphasising fee-free, mobile-first services to promote financial health and accessibility for everyday consumers, particularly those underserved by traditional banks.

Revenue from the Chime contract will commence immediately with Stakk anticipating the first amount will hit its books in November, ensuring it is on track to achieving a forecast annual recurring revenue of $8 million by year end.

The return will consist of a monthly platform fee plus usage-based transaction fees incurred by Chime each time one of its users interacts with banking app service functionality powered by Stakk.

Stakk sees the agreement as further validation of Stakk IQ as “a mission-critical infrastructure layer for embedded finance […] to streamline document-based transactions while maintaining compliance and fraud resilience at scale.”

Attracting Global Attention

Stakk executive director Andy Taylor said the company’s innovative solutions helped it stand out in the market.

“We continue to attract the attention of globally-recognised brands because of our unique approach to delivering modern, intuitive and essential capabilities that others find too boring to build themselves,” he said.

“Chime is one of the world’s most innovative and progressive financial technology leaders in our space so being selected to deliver even a small part of its capabilities is a genuine honour and a responsibility we take pride in meeting.”

The Chime contract adds to a pedigree of Tier One, globally-recognised fintech clients on Stakk’s roster including Robinhood, H&R Block, Current, Lili, Albert, and GreenFi.

Last month, the company also secured a three-year deal with T-Mobile USA for the delivery of the Stakk embedded finance solution within the new T-Life super app.