Banking startup Erebor secures $350 million in funding after receiving FDIC approval.

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According to Jincai Finance, Erebor, a bank startup co-founded by Anduril CEO Palmer Luckey, has completed a $350 million financing round at a valuation of approximately $4.35 billion after receiving approval from the Federal Deposit Insurance Corporation (FDIC) to establish a national bank. This round of financing 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.

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