Erebor was founded by Palmer Luckey, the entrepreneur behind defense contractor Anduril, and got full US approval in February 2026.
Erebor banks companies in crypto, AI and defense — sectors larger, more risk-averse banks often avoid.
Deposits grew from $1.1 billion in March to $4.6 billion by July 2026, according to the FT report.
New capital is reportedly needed to meet a 12% mandatory leverage ratio as the balance sheet expands, and to fund more lending.
Lux Capital, Andreessen Horowitz, Valor Equity Partners and SV Angel are among the reported new backers, alongside existing investor Haun Ventures.
Nothing is signed yet — valuation figures differ across reports and terms could still change before the round closes.
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