#BankingCharter

Augustus raises $180 million funding as it chases a full US bank charter and Fed account

Augustus, formerly known as Ivy, has secured $180 million in Series B funding at a $1 billion valuation, led by Tiger Global with participation from prominent fintech founders. The startup is pursuing a full-service national bank charter from the Office of the Comptroller of the Currency, having already received preliminary conditional approval in May. Unlike the limited national trust charters held by many digital asset firms, a full bank charter would allow Augustus to accept deposits, issue loans, provide FDIC insurance, and access a Federal Reserve master account. This direct access to the Fed would enable the company to clear U.S. dollars independently, bypassing the need for correspondent banking intermediaries. Founded in 2022, the company has already established a regulated European presence through its subsidiary, Ivy Pay Oy, which provides crypto on-and-off ramps and euro clearing services for clients like Kraken. This strategic move toward a U.S. banking license represents a significant effort to bridge traditional finance and digital assets by integrating institutional-grade regulatory compliance. The successful funding round highlights strong investor confidence in the company's ambition to build a Global Dollar Bank capable of operating at the intersection of legacy banking and blockchain-based payments.

Ledger Insights·2h ago