Overview
- Lux Capital led the $350 million round that values the Palmer Luckey– and Joe Lonsdale–founded startup at $4.35 billion, with participation from Founders Fund, 8VC and Haun Ventures.
- The FDIC granted deposit insurance last week, which remains valid for 12 months and will lapse if the bank is not formally established or granted an extension.
- Erebor previously received preliminary conditional approval from the Office of the Comptroller of the Currency, furthering its path toward a national bank charter.
- Regulatory filings state the bank will target businesses in virtual currencies, artificial intelligence, defense and manufacturing, along with payment providers, investment funds and trading firms.
- Operations are expected to begin in 2026, with the venture launched in 2025 to address gaps that followed Silicon Valley Bank’s 2023 collapse.