Augustus, the company building what it calls the Global Dollar Bank, has secured $180m in a Series B round that values the business at $1bn.
Tiger Global led the investment, which also drew participation from Hummingbird, QED, and the founders of Nubank, Ramp, Circle and Deel.
Further backing came from a group of prominent FinTech and AI entrepreneurs, among them David Velez (Nubank), Karim Atiyeh (Ramp), Sean Neville (Circle), Alex Bouaziz (Deel), Victor Cardenas (Slash), Alan Chang (CRO Revolut), Balaji Srinivasan (CTO Coinbase), Farooq Malik (Rain), Gavin Uberti (Etched), Victor Riparbelli (Synthesia), Alexander Rinke (Celonis), Jamie Cox (Fluidstack) and Jan Oberhauser (n8n). Soma Capital, Road Capital Management, CMT Digital, Brevan Howard Digital and Variant also joined the round.
The fresh capital will support Augustus’ ambition to give financial institutions across the globe direct entry to dollar accounts and payment rails via a modern, federally chartered bank. The company plans to deepen its work with FinTechs and banks across Latin America, Southeast Asia, the Middle East and Africa.
The raise arrives shortly after Augustus received conditional approval in May for a US national bank charter from the Office of the Comptroller of the Currency (OCC), becoming just the eighth bank granted such approval since 2010. This positions the firm among a small number of technology businesses permitted to construct federally regulated banking infrastructure in the US from scratch, allowing clients to reach dollars directly instead of going through chains of intermediary banks and FinTechs.
Augustus operates an API-first platform offering operating and FBO accounts alongside named virtual accounts, with transactions available through Swift, ACH, SEPA and stablecoins. The company also intends to keep developing Marble, its proprietary core banking system, which uses AI throughout the bank’s back office to deliver quicker settlement and round-the-clock availability.
Augustus CEO and co-founder Ferdinand Dabitz said, “We started Augustus with a simple thesis: the Dollar is the greatest product in the world but its distribution is fundamentally broken. This financing lets us execute on our mission to provide high-quality dollar access to international fintechs and banks. It’s time to dollarize the world.”
Augustus president Greg Quarles said, “After three decades in banking, I’ll say it plainly: you don’t get meaningful innovation by patching legacy infrastructure. You build something new from the foundation up.
“That’s what Augustus is: modern, proprietary technology fused with the full capabilities of a federally chartered bank into a single integrated platform. In my entire career, I have not seen anything like it.”
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