Ramp Files for National Trust Bank Charter With OCC After $1.85B Raise

Fintech Ramp applied Friday for a national trust bank charter with the Office of the Comptroller of the Currency, the corporate spend management company said Monday in posts on X and LinkedIn. Ramp said the proposed trust bank would offer fiduciary investment management and digital-asset custody, but would not take deposits or make commercial loans. The company said the charter would bring those services under a consistent federal regulatory framework. The application followed by one day Ramp's announcement of a $1.85 billion financing round led by Dragoneer Investment Group, valuing the company at $60 billion. It also comes weeks after the Independent Community Bankers of America sued the OCC on Oct. 2, arguing a surge in national trust bank charters creates "a gaping hole in financial regulation." The OCC has approved or conditionally approved 21 such charters since the start of President Donald Trump's second term, 13 from crypto companies, the ICBA said. Comptroller Jonathan Gould has defended the approvals, saying the statute requires "a reasonable chance of success."