Ramp Applies for Federal Trust Bank Charter
The fintech firm seeks a national charter to offer fiduciary investment management and digital asset custody services.
Updated on Oct. 19, 2026 in Financial Services
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Ramp has submitted an application to the Office of the Comptroller of the Currency to establish Ramp National Trust Bank. The proposed entity would focus on digital asset custody and fiduciary services rather than deposit-taking or commercial lending.
Why it matters
The move represents a strategic effort by the company to expand its financial product offerings while maintaining its existing relationships with traditional banking partners.
Ramp operates at a $2 billion annualized revenue run rate and currently holds a valuation of $60 billion. The company provides financial services to more than 85,000 teams across its platform.
The players
Ramp
Ramp is a financial technology company that provides spend management and corporate card solutions to businesses.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is an independent bureau within the United States Department of the Treasury that charters, regulates, and supervises all national banks.
The details
If approved, the federal trust charter would permit the firm to operate under a federal framework specifically tailored to fiduciary duties and asset custody. The charter does not grant the bank authority to accept deposits or issue commercial loans, distinguishing its scope from traditional retail banking.
Timeline
October 16, 2026: Ramp officially submitted its application for the national trust bank charter.
2025 to 2026: A period during which various fintech and digital asset firms sought similar charters from federal regulators.
Market Landscape
Ramp is joining a growing list of fintech peers that have sought federal trust charters to bridge the gap between digital assets and regulated finance. This strategy highlights an industry-wide push for formal legitimacy as firms attempt to scale services alongside traditional institutions.
The potential approval of this charter would not change existing services for current customers, as it is limited to custody and fiduciary management. Users should not expect new retail banking features like checking accounts or loans as a result of this specific regulatory filing.
The takeaway
The application signals that major fintech firms are increasingly prioritizing federal oversight to secure their place in the evolving digital asset ecosystem. Clients should note that a trust charter is a specialized regulatory tool that does not equate to a full-service commercial banking license.
Further reading
For broader context on current industry shifts, visit the Financial Services section.
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Should large fintech companies be permitted to enter the business of digital asset and crypto custody?
