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Palmer Luckey’s Erebor Bank Hits $4.35B Valuation Post-FDIC Approval

Palmer Luckey’s Erebor Bank Hits $4.35B Valuation Post-FDIC Approval

Author:

Global Cryptocurrency

Published:

2025-12-23 10:01:02

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BTCCSquare news:

Erebor, the banking startup co-founded by Anduril CEO Palmer Luckey, has secured $350 million in funding at a $4.35 billion valuation. Lux Capital led the round, with participation from existing backers including Peter Thiel’s Founders Fund and Haun Ventures.

The FDIC’s approval of Erebor’s deposit insurance application marks a pivotal step toward its charter as a national bank. The firm aims to serve tech sectors like crypto, AI, and defense—filling gaps left by Silicon Valley Bank’s 2023 collapse.

"We'll have the most conservative loan-to-deposit ratios of any bank in history," Luckey stated, emphasizing Erebor’s focus on stability over speculative finance.

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