Palmer Luckey's Erebor Bank Seeks $8 Billion Valuation in Funding Talks
Palmer Luckey’s Erebor Bank is in talks to raise new capital at a valuation of at least $8 billion, nearly doubling the startup's $4.35 billion valuation from late last year, according to Bloomberg and The Block. The funding discussions follow a rapid expansion in the bank's deposit base, which surged to $4.05 billion from $1.1 billion at the end of March as the upstart targets profitability before the end of this year.
Founded by Anduril Industries founder Luckey, the cryptocurrency-focused bank is backed by Peter Thiel and early investors including Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund. Erebor secured a national bank charter from the Office of the Comptroller of the Currency (OCC) and concentrates on providing banking services to enterprise clients in the defense technology and crypto sectors.
From the sources (5 posts)
@theblockcoTHE BLOCK: Palmer Luckey's crypto-friendly Erebor Bank is in talks to raise funding at a valuation of at least $8 billion, according to Bloomberg. The bank's deposits have reportedly grown to about $4.05 billion from $1.1 billion at the en
@wublockchainCrypto-Friendly Bank Erebor Bank Eyes $8 Billion Valuation in New Funding Round According to Bloomberg, Erebor Bank, founded by Anduril Industries founder Palmer Luckey and backed by Peter Thiel, is in talks to raise funds at a valuation o
@nmasc_Scoop w/ @_ToddGillespie: Palmer Luckey’s Erebor Bank is in talks to raise more capital at at least an $8 billion valuation. The deal talks come as deposits soar to $4.05 billion, and the banking upstart targets profitability by the end o
@jack_rainesRT @MollySOShea: BREAKING: Erebor hits $4B in deposits in Q2
@edludlowRT @nmasc_: Scoop w/ @_ToddGillespie: Palmer Luckey’s Erebor Bank is in talks to raise more capital at at least an $8 billion valuation.…