Palmer Luckey’s Erebor hits $4.3B valuation as regulators advance bank charter
Summary
Erebor has raised $350 million and reached a $4.35 billion post-money valuation. The digital bank is moving closer to becoming fully licensed after receiving preliminary conditional approval from the OCC and deposit insurance approval from the FDIC. The company is positioning itself for crypto, AI, and stablecoin-focused customers who need banking services tailored to digital asset infrastructure. Investors include Lux Capital, Founders Fund, Haun Ventures, and 8VC. The move reflects growing demand for regulated financial platforms that bridge traditional banking and onchain finance.
Funding
Amount
$350.0M
Total raised
Date
December 22, 2025
Announcement date
Investors
Oculus VR, SVB Capital, 8VC, Founders Fund, Lux Capital, Ripple
Lead investors
Company
https://erebor.so
Funded company
Classifications
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applications
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