Erebor, the Cryptocurrency Bank, Completes $350 Million Funding Round with Lux Capital as Lead Investor

2025.12.23 08:11:05

Erebor, a U.S. banking startup, has secured $350 million in new funding led by Lux Capital — just days after the Federal Deposit Insurance Corporation (FDIC) approved its deposit insurance application, formalizing its status as a newly chartered national bank, per Axios. Sources familiar with the matter note the firm’s existing investors include Founders Fund, 8VC and Haun Ventures. Erebor is valued at approximately $4.35 billion. The FDIC signed off on Erebor’s application last week. Co-founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, the startup had early backing from Peter Thiel and Haun Ventures. Per its bank charter, Erebor plans to offer both traditional banking services and crypto-related products simultaneously.

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