Augustus Raises $180M to Build Stablecoin-Ready Dollar Bank
Augustus raised $180 million at a $1 billion valuation to build a federally chartered clearing bank linking dollar-pegged stablecoins with Swift, ACH, SEPA and blockchain rails.
Augustus announced Tuesday that it raised $180 million in a Series B round at a $1 billion valuation. The round was led by Tiger Global and included Hummingbird, QED and the founders of Nubank, Ramp, Circle and Deel. Individual investors named by the company include Circle co-founder Sean Neville, former Coinbase CTO Balaji Srinivasan and Rain executive Farooq Malik. The startup has raised $210 million in total to date.
The company is building a federally chartered clearing bank that integrates stablecoin settlement with traditional payment networks. Augustus will not issue its own stablecoin; instead it plans to wire stablecoin rails into a national bank structure so institutions can settle across Swift, ACH, SEPA and blockchain networks. Its API-first platform supports operating accounts and FBO accounts.
Augustus operates a proprietary core banking system called Marble and says it deploys artificial intelligence in back-office operations to speed settlement and provide 24/7 availability. The firm describes its target market as correspondent banking, the systems that move money between institutions across borders.
Augustus received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in May, the eighth entity to win such conditional approval since 2010. The company counts crypto exchange Kraken among its customers and plans to expand services in Latin America, Southeast Asia, the Middle East and Africa.
Ferdinand Dabitz, founder and CEO, described the company’s premise: “We started Augustus with a simple thesis: the Dollar is the greatest product in the world but its distribution is fundamentally broken. This financing lets us execute on our mission to provide high-quality dollar access to international fintechs and banks. It’s time to dollarize the world.”
Augustus plans to use the new capital to accelerate product development and deploy its clearing and settlement services across multiple regions. The company presents its platform as a way for regulated institutions to access faster, around-the-clock settlement while maintaining links to conventional banking rails.
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