According to ChainCatcher news and Axios reports, the banking startup Erebor completed a new round of $350 million financing after receiving approval from the Federal Deposit Insurance Corporation (FDIC), led by Lux Capital.
Insiders reveal that Erebor's existing investors also include Founders Fund, 8VC, and Haun Ventures. The company is valued at approximately $4.35 billion. It is reported that the FDIC officially approved Erebor's deposit insurance application last week, making it a newly established national bank. Erebor was founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, with early support from Peter Thiel and Haun Ventures.
According to its banking license application documents, Erebor plans to provide traditional banking services as well as cryptocurrency-related products and services simultaneously. The target customers include businesses in the U.S. innovative economic system, especially technology companies focused on virtual currency, artificial intelligence, defense, and manufacturing, as well as payment service providers, investment funds, and trading institutions. Erebor is expected to officially launch and operate next year.
