Ramp, a fintech, announced it had raised $1.85 billion in a recent funding round, according to Banking Dive. The company is now applying for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). The news follows a lawsuit by a banking trade group against the OCC, citing concerns about the growing number of trust charters being granted.
This development signals increased competition and scrutiny in the regulated banking sector. Senior leaders should watch for how the OCC manages industry pushback and what this means for fintechs seeking similar licences.
