Erebor Bank Raises $350M, Steps Closer to National Charter
Update: 2025-12-22
Description
Erebor, the digital bank co-founded by Palmer Luckey and backed by Peter Thiel, has reached a significant milestone with a $350 million funding round, valuing the company at $4.35 billion. This indicates strong investor interest in banks catering to crypto, AI, and stablecoin users. Erebor has also received preliminary approval from the Office of the Comptroller of the Currency and a one-year deposit insurance application from the Federal Deposit Insurance Corporation. Luckey, known for Oculus VR and Anduril, launched Erebor to address banking issues exposed by the Silicon Valley Bank crash. Erebor joins other players in pursuing national bank charters, aligning with recent U.S. regulatory wins and anticipated crypto guidelines. With backing from Founders Fund and Haun Ventures, Erebor is poised to transform banking for the digital era.
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