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Augustus raises $180 million to build a stablecoin-focused clearing bank
The startup has conditional OCC approval for a U.S. national bank charter and already runs euro clearing, processing billions of euros annually.
Augustus, a startup building an AI-native, federally chartered clearing bank aimed at stablecoin-era payments, raised $180 million at a $1 billion valuation, according to CoinDesk. The funding round was led by Tiger Global, with other investors including Hummingbird, QED, and founders of Nubank, Ramp, Circle, and Deel participating.
Rather than issuing its own stablecoin, Augustus plans to provide settlement infrastructure that can move funds across traditional payment systems and blockchain networks using always-on, programmable settlement, the outlet reported. CEO Ferdinand Dabitz said the firm is targeting correspondent banking infrastructure that he argues is too slow for modern payments, with legacy clearing systems often taking two days to settle and not operating on weekends.
CoinDesk reported that Augustus has conditional approval from the Office of the Comptroller of the Currency for a U.S. national bank charter. The company also operates euro clearing through a regulated entity in Finland and says it processes billions of euros each year.
The startup said it intends to expand its dollar clearing operations and add customers across Latin America, Southeast Asia, the Middle East, and Africa. It listed global financial institutions among its customers, including fintechs, banks, and crypto companies such as Kraken.