Ramp says it applied to the US OCC for a trust bank charter that, if approved, would allow it to offer fiduciary investment management and digital asset custody

If approved, this charter allows Ramp to offer regulated fiduciary investment management and digital asset custody, changing how businesses manage their treasury.

Financial technology company Ramp has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. This charter, if approved, would grant Ramp the authority to provide fiduciary investment management services and digital asset custody. Currently, Ramp offers corporate cards, expense management, and bill pay solutions. Obtaining this charter would represent a significant expansion of Ramp's financial services offerings, moving it into more regulated and complex areas of finance, particularly concerning digital assets and institutional-level investment management.

Ramp's application signals a broader trend of fintechs seeking bank-like charters to deepen their integration into financial infrastructure and offer more comprehensive services. This move could intensify competition with traditional banks and existing digital asset custodians by offering regulated custody and fiduciary services directly. The OCC's review will be closely watched as it sets a precedent for how other fintechs might pursue similar regulatory frameworks for digital asset services.

For businesses utilizing Ramp, this could mean a more consolidated approach to treasury management, combining corporate spending tools with regulated investment and custody solutions. It potentially streamlines operations and reduces counterparty risk by keeping more financial functions within a single, regulated entity. This strategic pivot by Ramp may also encourage other neobanks and fintech platforms to explore similar charter applications to expand their regulated service portfolios.