Erebor Bank, which specialises in crypto, AI and defence technology, has held early talks to open another funding round at a valuation of at least $8bn, Bloomberg reported, citing anonymous sources familiar with the discussions.
Erebor Eyes $8bn Valuation Five Months After Charter Approval: Bloomberg
2 July 2026 - 15:03 CEST
By Isabelle Castro
The talks come only five months after Erebor, founded in mid-2025, received approval for a national bank charter from the Office of the Comptroller of the Currency, allowing the company to operate as a federally regulated bank across the US.
While the conversations are described as preliminary, with the valuation still under discussion, they are expected to centre on a level roughly double Erebor's $4.4bn valuation at the end of December, when the company secured $350mn from investors.
Erebor's increasing deposit base is seen as the driver for the new valuation, Bloomberg said. Deposits at the lender rose to $4.1bn in late June from $1.1bn at the end of March.
The growth came from nearly 400 new customers added over the past three months, a pace the bank expects will make it profitable by the end of the year.
It was not immediately clear who might lead the new round, although Erebor's existing backers include Lux Capital, 8VC, Andreessen Horowitz and Peter Thiel’s Founders Fund.
