Erebor Bank, the crypto- and defense-focused startup founded by Palmer Luckey and backed by Peter Thiel, is in talks to raise funding at a valuation of at least $8 billion.
The potential valuation would roughly double the $4.35 billion level Erebor secured in a $350 million funding round in December, Bloomberg reported, citing people familiar with the matter. The talks are preliminary, and the valuation is still under discussion, the people said.
The bank's deposit base has nearly quadrupled since March, reaching $4.05 billion from the $1.1 billion it disclosed to regulators at the end of that month, per the report. Erebor also added nearly 400 customers over the past three months and expects to be profitable by year-end.
Luckey said none of the bank's deposit growth this quarter came from his own companies, adding that hundreds of new customers had chosen Erebor independently.
Crypto plans
