Erebor Bank, a crypto-friendly bank founded by Palmer Luckey and backed by Peter Thiel, is in discussions to raise new funding at a valuation of at least $8 billion, according to reports citing Bloomberg. The bank, which was only recently established, has seen rapid growth in customer deposits over a short period, with deposits reported to have nearly quadrupled in the past three months.
Both outlets describe Erebor as targeting a valuation that is significantly higher than what many established European lenders typically reach. The coverage centers on two main developments: the bank’s fundraising talks and the sharp increase in deposits. Details on the amount being raised, the potential investors involved, or the timing of any deal are not specified in the provided excerpts. The reports also note the bank’s leadership and backers, linking it to Luckey through Anduril and to Thiel through his investment support.
Overall, the information indicates that Erebor is pursuing additional capital while experiencing strong early deposit growth.
