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Banking startup Erebor secures $350 million in funding after receiving FDIC approval.
[Banking startup Erebor secures $350 million in funding after receiving FDIC approval] Banking startup Erebor, co-founded by Anduril CEO Palmer Luckey, has completed a $350 million funding round following its approval to establish a national bank by the Federal Deposit Insurance Corporation (FDIC), with a valuation of approximately $4.35 billion. This round of funding was led by Lux Capital, with other investors including Peter Thiel's Founders Fund, 8VC, and Haun Ventures. Erebor was established in 2025, planning to provide traditional banking and crypto-related products and services, targeting clients in the U.S. innovative economy sectors such as virtual currency, artificial intelligence, and manufacturing. The bank is expected to officially launch next year.