Erebor Secures $350M Lux Capital-Led Funding After FDIC Approval, to Offer Traditional Banking and Crypto Services as a National Bank

Erebor has closed a $350 million funding round led by Lux Capital, following FDIC approval of its deposit insurance application. The round values the fintech at roughly $4.35 billion.

Founders Fund, 8VC, and Haun Ventures are among Erebor’s existing backers. Erebor was established in 2025 by Palmer Luckey, Anduril’s CEO, and Joe Lonsdale, with early support from Peter Thiel and Haun Ventures.

The bank charter filing indicates Erebor plans to offer traditional banking services alongside crypto-related offerings, signaling a dual-focus model as it integrates supervised national banking with digital asset products.

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