Erebor Bank plans to conduct a new round of financing with a valuation of at least $8 billion
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According to Bloomberg, Erebor Bank, founded by Palmer Luckey, is in talks with investors for a new round of financing with a target valuation of at least $8 billion. The bank's deposit size has increased from $1.1 billion to $4.05 billion in the past three months, with nearly 400 new customers and expected to achieve profitability within the year. Erebor focuses on serving enterprises in the fields of defense technology and cryptocurrency, and has obtained a national banking license from the US Monetary Authority. Its investors include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund.