Erebor Bank nears $1.5B raise at $8B pre-money valuation
Crypto friendly Erebor Bank is nearing a roughly $1.5 billion funding round at an $8 billion pre-money valuation, according to people familiar with the discussions cited by the FT. The talks come only six months after the Columbus, Ohio lender received final approval to open as a U.S. national bank. Erebor has not announced the financing and declined to comment to the newspaper, meaning the size, valuation and investor commitments remain subject to change. Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make commitments, while existing investors 8VC and Haun Ventures are also reportedly participating. The $8 billion figure is before the proposed new capital is added. If the full $1.5 billion closes on those terms, the resulting valuation would be about $9.5 billion. Erebor Bank deposits have climbed above $4 billion Regulatory figures give some support to the growth behind the fundraising talks. Erebors latest call report showed about $4.06 billion in deposits and roughly $4.66 billion in assets at the end of June, compared with around $1.1 billion in deposits at March 31. The FT reported that deposits increased further to $4.6 billion by the end of July, citing a person familiar with the figures. That









