Expense management fintech Ramp has submitted an application for a national trust bank charter to the US Office of the Comptroller of the Currency (OCC).
If approved, the fintech plans to establish Ramp National Trust Bank, offering customers "fiduciary investment management and custody of digital assets", according to a LinkedIn post by Ramp announcing the application.
The LinkedIn post continues: "The proposed trust bank would bring these services under a consistent federal regulatory framework." The company adds that the proposed bank will "not take deposits or make commercial loans".
The application announcement comes only days after Ramp secured $1.85 billion in fresh funding from Thrive Capital, Dragoneer Investment Group, Founders Fund, Sands Capital, and Avenir Growth. The round was completed at a $60 billion valuation. This marks a $16 billion increase in valuation since its previous $750 million fundraise in July.
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Founded in 2019 by Gene Lee, Karim Atiyeh, and CEO Eric Glyman, Ramp is a New York-headquartered fintech providing financial infrastructure for businesses. With over 85,000 business clients, Ramp combines a range of services, including corporate cards, expense management, bill payments, accounting automation, procurement, travel, and treasury in one platform.
Earlier this year, Ramp announced that it was expanding to the UK and Europe by acquiring Swedish business-focused paytech Billhop and its associated licences. Last month, Ramp officially began operations in the UK, marking its first live market outside of North America. The company previously expanded into Canada in July.
At the time of the UK launch, Ramp said it had "European customers already live on the platform following a beta phase".
About the Author
Reporter, FinTech Futures
Francis Bignell is a reporter at FinTech Futures with a keen interest in all things fintech, especially in the Latin America region. Writing in the industry for four years, he has moderated webinars and podcasts as well as interviewed executives from a wide range of sectors.