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Crypto-friendly bank Erebor in talks to raise $1.5 billion at $9.5 billion valuation: FT
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Tech-oriented lender Erebor Bank is in advanced talks to raise about $1.5 billion in a deal that would value the year-old firm at about $9.5 billion, the Financial Times reported.
Key facts
- Tech-oriented lender Erebor Bank is in advanced talks to raise about $1.5 billion in a deal that would value the year-old firm at about $9.5 billion, the Financial Times reported
- The bank’s lending push includes a $200 million credit facility for nuclear start-up Valar Atomics
- Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make large commitments in the fundraising round
- The FT said Erebor raised money earlier this year at a $4.35 billion valuation, meaning the proposed round would nearly double its private-market value in months
Summary
Erebor Bank is negotiating a $1.5 billion funding round for a total valuation of $9.5 billion, . The capital infusion is designed to meet a mandatory 12% leverage ratio while it expands lending operations, including a $200 million facility for Valar Atomics. Total deposits grew from $1.1 billion in March to $4.6 billion by July, driven by clients in crypto, AI and defense. Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make large commitments in the fundraising round.