Ramp has applied for a national trust bank charter with the Office of the Comptroller of the Currency.
The expense management fintech said in a LinkedIn post that the proposed Ramp National Trust Bank would offer “fiduciary investment management and custody of digital assets.” The planned trust bank “would bring these services under a consistent federal regulatory framework.”
Katrina Holt, a former president and CEO of Pitney Bowes Bank, posted on LinkedIn that she would serve as the proposed bank’s CEO.
The application comes shortly after Ramp raised nearly $1.9 billion in funding from Thrive Capital, Dragoneer Investment Group, Founders Fund, Sands Capital, and Avenir Growth.
The New York company provides a range of services, including corporate cards, expense management, bill payments, accounting automation, procurement, travel, and treasury.
Separately, Ramp said it bought Vesto, a fintech that builds treasury software. The price wasn’t disclosed.