Peter Thiel-Backed Bank Erebor Raises $350M at $4.35B Valuation
Erebor, a digital bank backed by Peter Thiel and co-founded by Anduril's Palmer Luckey, has secured $350 million in funding, valuing the firm at $4.35 billion. The round was led by Lux Capital, with participation from Founders Fund, 8VC, and Haun Ventures. The capital injection comes as U.S. regulators advance Erebor toward deposit-taking status, a critical milestone in a sector still reeling from the 2023 collapse of Silicon Valley Bank.
The Office of the Comptroller of the Currency granted preliminary approval for Erebor's national bank charter on October 15, signaling regulatory openness to banks engaging in digital asset activities. Comptroller Jonathan V. Gould emphasized the OCC's stance against blanket prohibitions. The FDIC followed in December, conditionally approving Erebor's deposit insurance application.
