According to Bloomberg, Erebor Bank, a banking startup backed by Peter Thiel, is raising approximately $350 million in a funding round, valuing the company at around $4.35 billion, a significant increase from its previous level. Sources familiar with the matter said the round was led by Lux Capital, with existing investor 8VC also participating. Erebor Bank primarily targets crypto-asset and technology-related clients, aiming to fill a market gap following the collapse of Silicon Valley Bank in 2023, while also expanding its client base to include defense and aerospace companies.
Erebor Bank plans to raise $350 million, raising its valuation to approximately $4.35 billion.
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