US clearing bank startup Augustus, which gives overseas fintechs and banks access to US dollars, has raised US$180 million in a series B round led by Tiger Global Management at a US$1 billion valuation.

Existing backer Valar Ventures joined the round, alongside Nu Holdings co-founder David Velez and Circle Internet Group co-founder Sean Neville.

Augustus said it provides overseas fintechs and banks with access to US dollars and is building always-on, programmable clearing for Western currencies as an alternative to legacy correspondent banking networks.

The startup is seeking to work with fintechs and banks across Latin America, Southeast Asia, the Middle East, and Africa.

The company said the new funding will support Marble, its AI-powered core banking platform, and its international customer base and banking infrastructure.

Earlier this year, it received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Augustus Bank, N.A. as a full-service US national bank.

That preliminary step requires the company to meet further conditions before launch.

According to Augustus, fewer than 10 full-service US national bank charters have been granted since 2010.

🔗 Source: Bloomberg