The FDIC approval order landed on July 31. Augustus, previously Ivy, aims to speed up payment settlement to adjust for artificial intelligence. “Legacy banks are made of paper, Augustus is made of code,” the firm’s co-founder, Ferdinand Dabitz, said in a separate statement. Augustus acknowledged the FDIC approval in a LinkedIn post Tuesday. As part of the FDIC agreement, Augustus’ banking operations, based in Dallas, will launch with at least $73,660,000 in capital funds.