Augustus raises $180M to build a clearing bank for the AI and stablecoin era
8 hours ago
- Augustus, an AI-native clearing bank for stablecoin-era payments, raised $180 million at a $1 billion valuation led by Tiger Global.
- The company aims to replace legacy correspondent banking with always-on infrastructure that connects traditional payment systems and stablecoins, without issuing its own stablecoin.
- Augustus has conditional OCC approval for a U.S. national bank charter and plans to expand dollar clearing, targeting markets in Latin America, Southeast Asia, the Middle East, and Africa.
- The startup already processes billions of euros annually through its regulated entity in Finland for clients like crypto exchange Kraken.
- CEO Ferdinand Dabitz envisions all clearing banks offering stablecoin rails within a decade, and highlights the role of programmable money for AI-driven finance.