Peter Thiel-Backed Erebor Bank Seeks Funding Round at $8 Billion Valuation

Peter Thiel-backed Erebor Bank is in talks for a new funding round targeting a valuation of at least $8 billion, nearly double its roughly $4.35 billion valuation at the end of last year. According to Odaily, people familiar with the matter said the bank’s deposits have nearly quadrupled over the past three months. Erebor Bank was founded five months ago and has already obtained a banking license, as it draws investor interest amid rapid deposit growth.