Luckey-backed Erebor raised $350 million at a $4.35 billion valuation as OCC and FDIC approvals signal momentum for crypto- and AI-focused banking.
Erebor, the digital bank co-founded by tech entrepreneur Palmer Luckey and backed by billionaire Peter Thiel, has secured a $4.35 billion post-money valuation after raising $350 million in a funding round led by Lux Capital, according to Axios sources.
The valuation milestone, which underscores growing institutional appetite for banking models tailored to crypto, AI and stablecoin-friendly customers, comes as US banking regulators advance steps toward chartering the company.
Erebor recently received preliminary conditional approval from the US Office of the Comptroller of the Currency (OCC), a key regulatory hurdle toward becoming a fully licensed bank.
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