Ramp applied with the Office of the Comptroller of the Currency for a national trust bank charter on Friday.

Corporate spend management fintech Ramp applied for a national trust bank charter Friday with the Office of the Comptroller of the Currency, the company wrote Monday in posts on X and LinkedIn.

The company offered few details, saying it would offer fiduciary investment management and digital-asset custody – but would not take deposits or make commercial loans – if the charter is approved.

“The proposed trust bank would bring these services under a consistent federal regulatory framework, helping us build great products alongside our banking partners to further our mission to save businesses time and money,” the company wrote in its posts.

There has been a competitive rush for charters this year. Block, Avant and Modern Treasury are among the fintechs that have sought OCC charters, all applying over the past two months. They're eager to have access to the Federal Reserve's account and payment rail services.

Ramp’s application was filed just a day after the company announced it had raised $1.85 billion in a financing round led by Dragoneer Investment Group. Ramp is now valued at $60 billion.

The application also comes just weeks after the Independent Community Bankers of America sued the OCC, arguing the recent spike in national trust bank charter applications – and approvals – are creating “a gaping hole in financial regulation.”

The OCC’s current posture “perversely allow[s] entities engaged in highly risky cryptocurrency and digital assets activities to enter the banking system under lightly regulated national charters rather than the more rigorously regulated traditional bank charter,” which puts community banks at a “severe competitive disadvantage,” the trade group asserted in its lawsuit, filed Oct.

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