Ramp has become the latest fintech to apply for a US national bank charter, enabling the expense management platform to offer fiduciary investment management and custody of digital assets.
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In a post on X, Ramp says it has submitted an application to the Office of the Comptroller of the Currency to set up Ramp National Trust Bank.
Says the company: "If approved, the charter would allow the trust bank to offer fiduciary investment management and custody of digital assets.
"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 new bank would not take deposits or make commercial loans.
The application comes days after Ramp closed its second major raise in a matter of months, securing $1.85 billion in a primary financing round that values the company at $60 billion.
Founded in 2019 as a corporate card, Ramp has had a meteoric rise, evolving into a comprehensive system of operations for finance teams with more than 85,000 clients - including blue chips such as Visa, Uber and Shopify - and $2 billion in annualised revenue, with positive cash flow.