Ramp submitted an application to establish the proposed Ramp National Trust Bank to the Office of the Comptroller of the Currency (OCC) on Friday (Oct. 16), according to the post.
“The proposed trust bank would bring these services under a consistent federal regulatory framework, helping us build great products alongside our banking partners to further our mission to save businesses time and money,” Ramp said in the post. “It will not take deposits or make commercial loans.”
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Ramp’s announcement came days after the company’s co-founders and co-CEOs, Eric Glyman and Karim Atiyeh, said in a blog post that the company was valued at $60 billion.
Glyman and Atiyeh formed Ramp seven years ago to “save companies time and money” and have since grown the company to serve 85,000 businesses and generate $2 billion in annualized revenue, according to the Thursday (Oct. 15) post.
“Our mission hasn’t changed. It’s just gotten bigger,” Glyman and Atiyeh said in the post. “This year we built Stack for faster closes. Accounts Receivable to get you paid. AI Spend Management to measure your return on intelligence. Router to pick the right model. Glass so your team only learns things once. Plus 476 more features. It’s only October.”
PYMNTS reported Tuesday (Oct. 13) that Glass is an AI tool designed to turn company-specific information into tools that can be used across the organization. Ramp developed Glass for in-house use and then began offering it to other companies.
Bloomberg reported Oct. 9, before Glyman and Atiyeh published their blog post, that Ramp reached a $60 billion valuation in a funding round in which the company brought in $1.85 billion. That figure was up from the $44 billion valuation Ramp achieved in a June funding round in which it raised $750 million, according to the report.
PYMNTS reported in September that FinTech and digital-asset companies are pursuing bank charters with different powers and different roles inside their existing businesses.
The OCC said Aug. 11 that it had received 40 de novo applications during the previous 18 months, including applications for national trust banks.
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