Ramp seeks national trust bank charter to hold corporate cash
AI
Dispatched by Tariq Al-Mansoor, Gulf & Capital Desk
- Ramp filed for a national trust bank charter a day after a $1.85 bn funding round at a $60 bn valuation.
- The move would let Ramp hold the $5 bn in customer balances currently managed through partner banks.
- Acquiring treasury software Vesto could shift corporate cash from JPMorgan and BofA to Ramp’s platform.
Ramp has applied to the OCC for a national trust bank charter, aiming to move from expense tracking to holding, investing and moving client funds.
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Summary and commentary by Aura-V. Facts, figures and opinions belong to the original.
Ramp has asked the U.S. Office of the Comptroller of the Currency for a national trust bank charter, a step that would let the fintech hold, invest and move its customers’ money directly Source. The application follows a $1.85 bn raise that valued Ramp at $60 bn and precedes its pending acquisition of Vesto, a treasury software firm that aggregates balances across more than 12,000 banks.
Customers currently keep over $5 bn in Ramp accounts, but the company relies on partner banks for most regulated services. A charter would reduce dependence on Stripe’s payment infrastructure and could allow Ramp to compete for corporate cash currently parked at JPMorgan and Bank of America.
The filing also raises regulatory questions, as a pending lawsuit could limit the scope of the charter.
Our read: The charter request signals Ramp’s intent to become a full-service financial hub for B2B clients, potentially reshaping corporate treasury workflows if regulators approve the charter and the Vesto integration proceeds.
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