Overview

• Erebor raised at least $225 million in its latest funding round at a $2 billion valuation backed by Palmer Luckey, Joe Lonsdale, Founders Fund and 8VC.
• The digital-only startup filed for a national bank charter with the Office of the Comptroller of the Currency on June 11 and is now awaiting regulatory approval.
• Headquartered in Columbus, Ohio with a secondary office in New York, the bank plans to hold stablecoins on its balance sheet to facilitate tokenized dollar transactions.
• Co-CEOs Owen Rapaport and Jacob Hirshman will manage daily operations while billionaire backers remain in a non-executive role.
• Erebor aims to serve tech and crypto companies that traditional lenders have shunned since Silicon Valley Bank’s collapse in 2023.