Erebor, the encryption bank, completes $350 million in financing, led by Lux Capital.

CoinVoice · 2025-12-22T23:57:44+00:00

The banking startup Erebor completed a $350 million financing round after obtaining FDIC approval, with an estimated valuation of approximately $4.35 billion. Erebor plans to offer traditional banking and encryption-related services, targeting technology companies and investment institutions, and is expected to officially launch next year.

CoinVoice

2025-12-22 23:57:44

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CoinVoice has learned that, according to Axios, the banking startup Erebor has completed a new round of $350 million financing led by Lux Capital after receiving approval from the Federal Deposit Insurance Corporation (FDIC). Sources reveal that Erebor's existing investors also include Founders Fund, 8VC, and Haun Ventures. The company's valuation is 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 offer both traditional banking services and encryption-related products and services, targeting clients in the U.S. innovation economy, particularly technology companies focused on Virtual Money, artificial intelligence, defense, manufacturing, as well as payment service providers, investment funds, and trading institutions. Erebor is expected to officially launch operations next year.

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