If the Office of the Comptroller of the Currency (OCC) approves the application, the charter would allow Ramp to provide fiduciary investment management and custody services for digital assets under a single federal framework. The move is the company’s latest step into the federally regulated financial sector.
A non-depository structure
According to the announcement, the proposed entity is structured as a non-depository institution. It would not engage in commercial lending or take deposits, and would instead focus on fiduciary operations. This sets the application apart from a full banking licence. Ramp is not seeking to become a deposit-taking bank but to hold a charter covering a defined set of trust and custody activities.
Furthermore, according to the report, the charter is intended to deepen Ramp’s corporate asset management capabilities. In parallel, the company plans to continue scaling its expense management tools alongside its existing banking partners. The trust bank would therefore add a regulated layer to Ramp’s offering rather than replace the partner banks that support its current products.
Federal oversight and digital asset custody
With this application, Ramp joins a small group of fintech companies seeking to bring digital asset infrastructure under direct OCC supervision. A federal charter would allow the company to offer enterprise clients institutional-grade custody services while simplifying compliance requirements across state lines.
For corporate clients, the charter would extend Ramp’s treasury management offering beyond software and credit lines into institutional asset custody. Market participants are expected to follow the OCC’s review closely, as an approval would give fintech firms a clearer operational route for integrating digital asset services into enterprise financial software. The report did not include a timeline for the regulator’s decision.
Growth and valuation
The application follows a period of rapid operational growth for Ramp. The company was recently valued at USD 60 billion in its latest funding round, with annualised revenue reaching USD 2 billion.
Ramp has built its business around spend management software, credit lines, and expense management tools. Obtaining a national trust charter would mark a shift in how the company operates, moving it from a software provider that relies on partner institutions towards an entity holding its own federal charter for specific fiduciary activities. For enterprise customers, this could mean access to custody and investment management services within the same environment they use to manage corporate spending.
