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Crypto bank Augustus completes a $180 million funding round, led by Tiger Global

MarsBitNews
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Mars Finance news. On July 21, Augustus is a startup that is building a federally chartered clearing bank. The company said it has raised $180 million, aiming to expand its U.S. dollar payment infrastructure, as stablecoins are reshaping the global financial system. The funding round values Augustus at $1 billion. The round is led by Tiger Global Management, with participation from investors including Hummingbird Ventures, QED Investors, and founders from Nubank, Ramp, Circle, and Deel. This financing comes as banks, fintech companies, and crypto businesses are racing to upgrade cross-border payment infrastructure. While much of the market’s attention has largely focused on stablecoin issuers, Augustus is targeting a less-discussed but critical part of the financial system—the correspondent banking system. Ferdinand Dabitz, CEO of Augustus, said in an interview: “We believe the distribution of financial services is where bottlenecks emerge at the clearing bank level.” He noted that the traditional clearing system is “slow, not usable around the clock, requires two days to complete settlement, and is closed on weekends.”
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