Erebor, a new digital bank backed by Peter Thiel and co-founded by Anduril chief Palmer Luckey, quietly raised $350M, valuing the firm at $4.35B as investors pour capital into crypto-adjacent finance again.
Lux Capital led the round, and Axios reported that the raise also brought in new investors alongside existing backers such as Founders Fund, 8VC and Haun Ventures.
The fundraising arrives as US regulators move Erebor closer to taking deposits, a milestone that still carries weight in a sector shaped by the 2023 collapse of Silicon Valley Bank and the scramble that followed for stable, regulated banking access.
Erebor Advances Toward Launch After Regulatory Green Lights
The Office of the Comptroller of the Currency granted preliminary conditional approval for Erebor’s de novo national bank charter on Oct. 15, calling it a path for banks to engage in digital asset activities when conducted safely.
Comptroller of the Currency Jonathan V. Gould said the decision showed the OCC “does not impose blanket barriers to banks that want to engage in digital asset activities.”
The Federal Deposit Insurance Corp. followed in December, approving Erebor’s deposit insurance application subject to conditions, including capital requirements and limits on changes to management and ownership before opening.
The FDIC approval reportedly includes a requirement for at least $276M in initial paid in capital and a tier 1 leverage ratio of no less than 12% for the first three years.
Stablecoin Focus Fuels Investor Appetite
Erebor has pitched itself as a tech and digital asset-focused bank, and the FDIC process reportedly included a capital call agreement designed to ensure investors can inject more funds if certain triggers are hit.
Axios described investor enthusiasm around the stablecoin banking angle as running hot, and the sharp jump in valuation signals that backers see an opening for a regulated bank that can serve crypto and frontier tech clients without relying on the shrinking list of willing incumbents.
The bank has not publicly set a launch date, though reporting has pointed to an opening in 2026 once final approvals and pre-opening requirements are cleared.
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