- Augustus raised $180 million in Series B funding at a $1 billion valuation, led by Tiger Global.
- The OCC granted preliminary conditional approval for a full-service national bank charter, allowing future Fed access.
- Founded as Ivy in 2022, the firm already operates a European crypto on-ramp business licensed in Finland, serving Kraken.
Augustus, the startup building what it calls the Global Dollar Bank, has raised $180 million in a Series B funding round at a $1 billion valuation. Tiger Global led the round, with participation from Hummingbird, QED, and fintech founders from Nubank, Ramp, Circle, and Deel.
The funding marks a sharp step up from the $20 million Series A led by Peter Thiel’s Valar Ventures in 2023. More consequential, however, is the regulatory milestone Augustus secured in May.
The Office of the Comptroller of the Currency granted Augustus preliminary conditional approval for a full-service national bank charter. A national trust charter, which other digital asset firms have collected, is a limited instrument — Augustus is pursuing the full version that takes deposits, lends, carries FDIC insurance, and holds a Federal Reserve master account.
A direct Fed account would let Augustus clear US dollars itself rather than renting access from correspondent banks. Fewer than 10 such charters have been granted since 2010.
Augustus, founded in 2022 as Ivy, built a European business providing crypto on and off ramps through Ivy Pay Oy, an authorized payment institution licensed by Finland’s financial regulator. That regulated European subsidiary is already live with euro clearing and currently serves the exchange Kraken.
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