Erebor Bank, backed by Peter Thiel, plans to raise $350 million, doubling its valuation to $4.35 billion.

According to Mars Finance, Erebor Bank, a bank startup backed by Peter Thiel, is conducting a round of financing, planning to raise approximately $350 million, with a valuation expected to double from the previous round to $4.35 billion. This round of financing is led by Lux Capital, with existing investor 8VC also participating. Erebor Bank primarily targets clients related to encryption assets and technology, and is filling some market gaps following the collapse of Silicon Valley Bank in 2023, while also expanding to clients in the defense and aerospace sectors.