Home / Business and Economy / Palmer Luckey's Erebor Bank Gets Charter
Palmer Luckey's Erebor Bank Gets Charter
24 Mar
Summary
- Erebor Bank is a new national bank for the tech industry.
- Founded by Oculus VR co-founder Palmer Luckey, it targets startups.
- It offers crypto-backed loans, aiming to fill SVB's void.
A new national bank, Erebor Bank, has been chartered to exclusively serve the technology sector. Founded by Palmer Luckey, co-founder of Oculus VR and Anduril Industries, the bank is designed to cater to startups, technology firms, and their investors.
Erebor Bank aims to address a critical market need following the collapse of Silicon Valley Bank in 2023, which was a key banking partner for many tech companies. The newly chartered institution plans to provide unique financial solutions such as lines of credit secured by cryptocurrencies or private securities, and loans specifically for AI chip acquisitions.
Erebor Bank received conditional approval from U.S. regulators in October 2025 and officially secured its national charter in February 2026, with FDIC-insured deposits. The bank's founding investors include prominent venture capital firms such as Founders Fund, Andreessen Horowitz, Lux Capital, and 8VC.
