Erebor Bank Seeks $1.5B Funding Round at $9.5B Valuation

Erebor Bank is reportedly in advanced talks to raise $1.5 billion at a valuation of $9.5 billion, according to a Financial Times report. This potential financing comes after the crypto-friendly lender's deposits surged from $1.1 billion in March to $4.6 billion by July.

The bank plans to offer lending, stablecoin products, treasury management, and payment services, which would bring traditional banking infrastructure closer to digital-asset businesses. Erebor received final U.S. approval to operate in February and is expanding its lending operations.