The growth is concentrated among clients in crypto, artificial intelligence and defense, sectors many traditional banks steer away from.
Erebor only received final US regulatory approval to operate in February 2026, making the growth curve unusually steep for its age.
The bank has already extended large facilities, including a disclosed $200 million line to aerospace company Valar Atomics.
Fast deposit growth means Erebor now needs more capital to meet a mandatory 12% leverage ratio, fueling its reported $1.5B raise.
Whether deposit growth holds up as the funding round closes, and whether other crypto-friendly banks see similar inflows.
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