Ramp has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, the company said yesterday (Monday). The $60 billion corporate card firm wants the bank to hold digital assets and manage investments as a fiduciary.

A charter would give Ramp a federal license of its own. Its website describes Ramp as a financial technology company that is not a bank, and it relies on partners for checking deposits, card issuing and its investment account.

Ramp joins a long line of applicants. More than 30 companies applied to become US banks in 2025, according to consulting firm Klaros Group, among them Interactive Brokers and PayPal.

Ramp filed the application on October 16. The trust bank "will not take deposits or make commercial loans," the company said.

Checking deposits for Ramp customers are held at First Internet Bank of Indiana. The investment account is managed by Moment Advisors, with assets held at Apex Clearing.

The company said the charter would bring the new services under "a consistent federal regulatory framework."

Ramp reports about 85,000 business customers and annualized revenue above $2 billion. The company was valued at $8.1 billion in 2022, when it raised $750 million in equity and debt in a round led by Founders Fund.

Stripe-owned Bridge won conditional OCC approval in February for a national trust bank that would hold digital assets and manage stablecoin reserves.

Circle went further. In July it received final approval for First National Digital Currency Bank , which will first hold digital assets for Circle and its affiliates.

Source link