According to ChainCatcher, Erebor, a banking startup, has completed a $350 million funding round led by Lux Capital after receiving approval from the U.S. Federal Deposit Insurance Corporation (FDIC). Insiders revealed that Erebor's existing investors include Founders Fund, 8VC, and Haun Ventures. The company is valued at approximately $4.35 billion. Last week, the FDIC officially approved Erebor's deposit insurance application, establishing it as a new national bank. Erebor was founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, with early support from Peter Thiel and Haun Ventures.
Erebor's bank charter application indicates plans to offer both traditional banking services and crypto-related products. The target clientele includes companies within the U.S. innovation economy, particularly those focused on virtual currency, artificial intelligence, defense, and manufacturing technology, as well as payment service providers, investment funds, and trading institutions. Erebor is expected to commence operations next year.
