# Augustus Bank: The AI-Era Clearing Bank for Global Fintechs > Augustus (ex-Ivy): OCC conditional approval for a US clearing bank built around stablecoins. B2B-only, API-first, EUR clearing live, USD pending licence. Author: Гордей Болотько — партнёр, Corporate & Commercial (https://wiki.private.law/authors/bolotko) Last modified: 2026-07-30T15:42:00.000Z Canonical: https://wiki.private.law/en/augustus-bank Topics: banking Jurisdictions: usa Functional tags: corporate-banking, crypto-friendly Semantic tags: corporate-banking, crypto-friendly Article type: child --- Augustus — formerly Ivy, rebranded in May 2026 — is an American B2B clearing bank in the making, marketing itself as "The Global Dollar Bank" and "the first clearing bank for the AI era". The pitch: give international fintechs and banks API access to US dollar clearing with stablecoins and programmable money at the core. Legally, the key nuance is that Augustus is not yet a fully licensed bank: on 11 May 2026 it received conditional approval from the OCC to charter Augustus Bank, N.A., a national bank that is currently in organization — the full charter has not been finalised, and, per secondary reporting, the company is still pursuing a Federal Reserve master account. Facts below come from [augustus.com](https://augustus.com/) and the company's press releases as of July 2026. ## What the service is Augustus sells payment and clearing infrastructure to other financial institutions — the same agency-banking logic as [ClearBank](https://wiki.private.law/en/clearbank) in the UK or [Column](https://wiki.private.law/en/column-bank) and [Cross River](https://wiki.private.law/en/cross-river-bank) in the US, but designed from day one around stablecoins. It does not onboard individuals or ordinary operating companies: clients are fintechs, banks and other regulated financial institutions (Kraken is a named example). Everything is API-first — operating and FBO accounts, named virtual accounts, and deposits that can arrive via IBAN, sort code, ABA details or a crypto wallet, with built-in conversion between fiat and stablecoins. The stablecoin core leans on the US GENIUS Act framework. Founded in 2022 as Ivy by Ferdinand Dabitz, Joshua Becker, Simon Wimmer and Peter Lieck, the company is backed by Valar (Peter Thiel), Creandum and founders of Ramp, Deel and Circle — $40M raised by May 2026, followed by a $180M Series B at a $1B valuation. The bench is notably regulatory-heavy: president Greg Quarles is a former Green Dot Bank CEO with 18 years at the OCC; CEO Dabitz is a Thiel Fellow; CFO Joe Schenone and CRO Kyle Steed complete the leadership. Headquarters are reportedly in Dallas (secondary sources). ## Key parameters | Parameter | Value | | --- | --- | | Legal status | Augustus Bank, N.A. — OCC conditional approval 11 May 2026; national bank in organization, full charter not yet finalised | | Regulator | OCC (national bank charter); Federal Reserve master account still being pursued, per secondary reporting | | Model | B2B clearing bank, "The Global Dollar Bank"; stablecoin/programmable-money core (GENIUS Act context) | | Clients | Financial institutions only — fintechs, banks (e.g. Kraken); no individuals, no ordinary companies | | Products | API-first: operating/FBO accounts, named virtual accounts, fiat↔stablecoin conversion | | Deposit rails | IBAN, sort code, ABA details or crypto wallet | | Currencies | EUR clearing live via regulated European subsidiaries; USD after the full US licence | | Founded | 2022 as Ivy (Dabitz, Becker, Wimmer, Lieck); rebranded Augustus in May 2026 | | Funding | $40M by May 2026, then $180M Series B at a $1B valuation; Valar, Creandum, founders of Ramp/Deel/Circle | | Pricing | Not published — enterprise, negotiated | ## Products and rails - Operating and FBO accounts via API — the classic sponsor-bank building blocks described in our [BaaS and sponsor bank overview](https://wiki.private.law/en/baas-sponsor-bank). - Named virtual accounts for client segregation and reconciliation. - Multi-rail deposits: funds can arrive via IBAN, sort code, ABA details or directly from a crypto wallet. - Fiat↔stablecoin conversion built into the account layer — the core differentiator versus traditional clearing banks. - EUR clearing is live today through the company's regulated European subsidiaries; per secondary reporting, European payments have run through Ivy Pay Oy, a neobank authorised by the Finnish FIN-FSA. USD clearing launches only once the full US banking licence is in place. ## Licence status: conditional, not final The OCC's conditional approval of 11 May 2026 allows Augustus to organise Augustus Bank, N.A. as a national bank. "In organization" means exactly that: the bank may build out capital, systems and compliance to the OCC's conditions, but it is not yet a fully chartered, operating US bank. Secondary reporting (Ledger Insights) indicates it is also still working towards a Federal Reserve master account — without which direct access to Fed payment rails is impossible. Until both pieces land, the US-dollar half of the pitch remains a roadmap item, while the live business runs on the European entities. As a prospective US national bank, Augustus will operate within the standard US sanctions perimeter (OFAC); the company has not published details of its sanctions screening. > 🍓 Augustus is a well-funded bet, not yet a bank: the OCC approval is conditional, the charter is in organization, the Fed master account is (per secondary reporting) still pending, and USD clearing — the entire point of "The Global Dollar Bank" — is not live. EUR flows run through European subsidiaries in the meantime. For a fintech evaluating it today, treat Augustus as a promising counterparty to track rather than production USD infrastructure; for anything mission-critical, the chartered incumbents — [Cross River](https://wiki.private.law/en/cross-river-bank), [Column](https://wiki.private.law/en/column-bank), [ClearBank](https://wiki.private.law/en/clearbank) — remain the benchmark. ## Who it suits International fintechs and banks that want programmatic access to US dollars and stablecoin settlement without building their own US banking relationships — especially crypto-native players like Kraken who need fiat↔stablecoin conversion as a first-class primitive. It is not for individuals, not for ordinary operating businesses, and — until the full charter and master account arrive — not yet for anyone who needs live USD clearing today. ## FAQ ### **Is Augustus a licensed US bank?** Not yet. On 11 May 2026 it received conditional OCC approval to charter Augustus Bank, N.A.; the bank is in organization and the full licence has not been finalised. Per secondary reporting, a Federal Reserve master account is also still being pursued. ### **Can an individual or a regular company open an account?** No. Augustus onboards only financial institutions — fintechs, banks and similar regulated players. Kraken is a named client example. ### **What actually works today?** EUR clearing through the company's regulated European subsidiaries (payments have run via Ivy Pay Oy, a FIN-FSA neobank, per secondary reporting), plus the API product set: operating/FBO accounts, named virtual accounts, multi-rail deposits and fiat↔stablecoin conversion. USD clearing comes after the full US licence. ### **How is Augustus different from other US sponsor banks?** Cross River and Column are fully chartered banks with live USD rails; Augustus is a conditionally approved charter built stablecoin-first, leaning on the GENIUS Act framework. The bet is regulatory: a national bank designed around programmable money rather than one retrofitting crypto onto legacy rails. ### **Who is behind it?** Founded in 2022 as Ivy by Ferdinand Dabitz, Joshua Becker, Simon Wimmer and Peter Lieck. CEO Dabitz is a Thiel Fellow; president Greg Quarles ran Green Dot Bank and spent 18 years at the OCC. Backers include Valar (Peter Thiel), Creandum and founders of Ramp, Deel and Circle; the latest round is a $180M Series B at a $1B valuation. **Cite as:** Augustus Bank: The AI-Era Clearing Bank for Global Fintechs — [wiki.private.law](http://wiki.private.law/), [https://wiki.private.law/en/augustus-bank](https://wiki.private.law/en/augustus-bank) (reviewed 2026-07-23). --- ## Sources - [Augustus — official site](https://augustus.com/) - [PR Newswire — Augustus receives OCC conditional approval to charter the first clearing bank for the AI era](https://www.prnewswire.com/news-releases/augustus-receives-occ-conditional-approval-to-charter-the-first-clearing-bank-for-the-ai-era-302768111.html) - [PR Newswire — Augustus announces $180M Series B at $1B valuation](https://www.prnewswire.com/news-releases/augustus-announces-180m-series-b-at-1b-valuation-to-give-international-fintechs-and-banks-access-to-the-us-dollar-302830300.html) - [Augustus — API documentation](https://docs.augustus.com/docs/basics/introduction) --- ## FAQ ### Is Augustus a licensed US bank? Not yet. On 11 May 2026 it received conditional OCC approval to charter Augustus Bank, N.A.; the bank is in organization and the full licence has not been finalised. Per secondary reporting, a Federal Reserve master account is also still being pursued. ### Can an individual or a regular company open an account? No. Augustus onboards only financial institutions — fintechs, banks and similar regulated players. Kraken is a named client example. ### What actually works today? EUR clearing through the company's regulated European subsidiaries (payments have run via Ivy Pay Oy, a FIN-FSA neobank, per secondary reporting), plus the API product set: operating/FBO accounts, named virtual accounts, multi-rail deposits and fiat↔stablecoin conversion. USD clearing comes after the full US licence. ### How is Augustus different from other US sponsor banks? Cross River and Column are fully chartered banks with live USD rails; Augustus is a conditionally approved charter built stablecoin-first, leaning on the GENIUS Act framework. The bet is regulatory: a national bank designed around programmable money rather than one retrofitting crypto onto legacy rails. ### Who is behind it? Founded in 2022 as Ivy by Ferdinand Dabitz, Joshua Becker, Simon Wimmer and Peter Lieck. CEO Dabitz is a Thiel Fellow; president Greg Quarles ran Green Dot Bank and spent 18 years at the OCC. Backers include Valar (Peter Thiel), Creandum and founders of Ramp, Deel and Circle; the latest round is a $180M Series B at a $1B valuation. Cite as: Augustus Bank: The AI-Era Clearing Bank for Global Fintechs — wiki.private.law, https://wiki.private.law/en/augustus-bank (reviewed 2026-07-23). --- ## Factual claims - Augustus — formerly Ivy, rebranded in May 2026 — is an American B2B clearing bank in the making, marketing itself as "The Global Dollar Bank" and "the first clearing bank for the AI era". - The OCC's conditional approval of 11 May 2026 allows Augustus to organise Augustus Bank, N.A.