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Erebor Bank Eyes $8 Billion Valuation After Deposit Surge to $4.05B

GateNews
According to people familiar with the matter, Erebor Bank is in talks to raise funding at an $8 billion valuation, up from a $4.35 billion level in a $350 million funding round in December. The crypto- and defense-focused bank, founded by Palmer Luckey and backed by Peter Thiel, has seen its deposit base nearly quadruple since March, rising to $4.05 billion from $1.1 billion. The bank also added nearly 400 customers over the past three months and expects to be profitable by the end of the year. The talks remain preliminary, and final valuation has not been settled.
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