Inbizzy, Jakarta, — Palmer Luckey, founder of Oculus and CEO of Anduril Industries, is developing a new digital banking startup named Erebor. According to reports from Business Insider, Financial Times, and Reuters, the company is currently raising at least $225 million in funding and is expected to reach a valuation of $2 billion.
Focused on Tech and Digital Asset Sectors
Erebor is designed to serve the financial needs of tech startups, digital asset firms, and companies involved with stablecoins and blockchain. The startup is in the process of securing a national banking charter in the United States, with the goal of becoming a regulated financial institution that offers:
- Crypto-backed lending services
- Stablecoin custody and management
- 24/7 financial transactions, including outside standard banking hours
This move is seen as a strategic response to the collapse of Silicon Valley Bank (SVB) in 2023, which left a gap in banking services for the tech ecosystem.
Executive Team and Investment Backing
Erebor is backed by prominent venture capital investors, including:
- Founders Fund, founded by Peter Thiel
- 8VC, the VC firm led by Joe Lonsdale
Its leadership includes seasoned professionals:
- Jacob Hirshman, former advisor at Circle
- Owen Rapaport, founder of compliance firm Aer Compliance
- Mike Hagedorn, former president of Valley National Bank
According to Financial Times, the startup’s backers view Erebor as a long-term alternative banking solution that aligns with the evolution of the digital asset industry—while maintaining regulatory compliance.
Brand Identity and Long-Term Vision
The name “Erebor” is inspired by The Lord of the Rings, symbolizing the company’s ambition to be a stronghold of modern digital finance—resilient, secure, and forward-looking. Erebor aims to bridge the gap between the stability of traditional finance and the innovation of modern financial technologies.
