Crypto Bank Augustus Completes $180 million Financing Round, Led by Tiger Global

BlockBeats News, July 21st, Augustus is a startup company that is building a licensed Federal Clearing Bank. The company has announced that it has raised $180 million to expand its USD payment infrastructure as stablecoins reshape the global financial system.

This funding round has valued Augustus at $1 billion. The round was led by Tiger Global Management, with participation from Hummingbird Ventures, QED Investors, as well as investors such as Nubank, Ramp, Circle, and Deel's founders.

This funding comes at a time when banks, fintech companies, and crypto enterprises are upgrading cross-border payment infrastructure. While much of the market's attention has been on stablecoin issuers, Augustus is targeting a less visible but crucial part of the financial system—the correspondent banking system.

Augustus CEO Ferdinand Dabitz said in an interview, "We believe that the distribution layer of financial services has hit a bottleneck at the level of clearing banks." He pointed out that the traditional clearing systems are "slow, not available 24/7, take two days to settle, and are closed on weekends."