Overview

• The bank submitted its national charter application on June 11 and now awaits review by the OCC, the FDIC and the Federal Reserve.
• Investors have committed at least $225 million at a $2 billion valuation in a funding round led by Founders Fund and 8VC.
• Co-CEOs Owen Rapaport and Jacob Hirshman will oversee operations from Erebor’s Columbus headquarters and its New York office.
• Erebor plans to extend credit to startups in AI, defense, manufacturing and cryptocurrency that traditional banks deem too risky.
• The lender intends to hold stablecoins on its balance sheet and seeks to become the most regulated entity facilitating stablecoin transactions.