Erebor deposits reached $4.6B by end-July, up from $1.1B in March, FT reported
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What happened
Erebor, the US bank its founders set up after the 2023 collapse of Silicon Valley Bank, saw total deposits grow from $1.1 billion at the end of March to $4.6 billion by the end of July 2026, according to a Financial Times report dated 10 August that CoinDesk and Retail Banker International relayed on 11 August. Retail Banker International also reported that the bank had gone beyond $100 million in annualised recurring revenue. Both figures come from press reports, not audited accounts.
The same reports said Erebor was in advanced talks to raise about $1.5 billion. They differed on the valuation: CoinDesk put it at about $9.5 billion, while Retail Banker International reported $8 billion before the new money. Both noted that Erebor raised money earlier in 2026 at a $4.35 billion valuation. Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel were named as likely new investors, with existing investors 8VC and Haun Ventures also set to take part. The bank received final US regulatory approval in February 2026. The reports described talks, not a completed round.
Key points
- Total deposits rose from $1.1 billion at end-March to $4.6 billion by end-July 2026.12
- Retail Banker International reported annualised recurring revenue beyond $100 million.1
- Erebor was reported in advanced talks to raise about $1.5 billion.12
- Reported valuation: $8 billion before new money (Retail Banker International) or about $9.5 billion (CoinDesk).12
- An earlier 2026 raise was at a $4.35 billion valuation.12
Why it matters
Deposits rising from $1.1 billion to $4.6 billion between end-March and end-July is the growth figure reported alongside the valuation talks. It comes from press reports, not audited accounts.
Reports put the valuation at $8 billion before new money or about $9.5 billion, against $4.35 billion earlier in 2026. The difference shows a price still being negotiated, not a closed mark.
The reported $100 million annualised recurring revenue gives a revenue measure for a bank with a short operating history, though only one of the two relays carries it.
Fact-check
- Total deposits grew from $1.1 billion at end-March to $4.6 billion by end-July 2026.Confirmed by [2] CoinDesk: deposits reached $4.6 billion by the end of July, up from $1.1 billion at the end of March, citing the FT. [1] Retail Banker International also gives $4.6 billion by end-July.Verified
- Erebor passed $100 million in annualised recurring revenue.Confirmed by [1] Retail Banker International: the bank has already gone beyond $100m in annualised recurring revenue. [2] CoinDesk does not mention revenue.Verified
- Erebor was in advanced talks to raise about $1.5 billion.Confirmed by [1] Retail Banker International (nearing a round of roughly $1.5bn) and [2] CoinDesk (advanced talks to raise about $1.5 billion).Verified
- The valuation under discussion was reported as $8 billion before new money, or about $9.5 billion.Each figure is stated by its source: [1] Retail Banker International reports an $8bn valuation before the fresh money; [2] CoinDesk reports about $9.5 billion.Verified
- Erebor raised money earlier in 2026 at a $4.35 billion valuation and received final US approval in February 2026.Confirmed by [1] Retail Banker International and [2] CoinDesk: both cite the $4.35 billion valuation and February final regulatory approval.Verified
- The founders set up Erebor after Silicon Valley Bank collapsed in 2023; Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel were named as likely investors, with 8VC and Haun Ventures set to take part.Confirmed by [1] Retail Banker International (SVB context and all investor names) and [2] CoinDesk (investor names).Verified
Sources
- [1]Retail Banker International via Yahoo Finance (opens in a new tab)US bank Erebor nears $1.5bn funding round at $8bn valuation - reportbeyond $100m in annualised recurring revenue
- [2]CoinDesk (opens in a new tab)Crypto-friendly bank Erebor in talks to raise $1.5 billion at $9.5 billion valuation: FTTotal deposits grew from $1.1 billion in March to $4.6 billion by July.
