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Tech Billionaires Back Erebor in the Wake of Silicon Valley Bank Collapse
Funded by Anduril cofounder Palmer Luckey and Palantir cofounder Joe Lonsdale, the new bank—named, like their companies, after Tolkien lore—aims to serve startups in crypto, AI, and defense.
Erebor’s intended client base is similar to that of Silicon Valley Bank, which served as the go-to business-banking partner for the Bay Area tech industry and its affiliates. Erebor claims its target business clients are currently “not well served by either traditional or disruptive financial institutions, in particular with respect to insufficient access to credit,” and says it will maintain a conservative balance sheet to account for the risks of “having a loan portfolio focused on frontier industries.” Alt says she believes that under Trump, the OCC is trying to accelerate the review process for new banks, and applicants may see approvals within four to six months of filing, down from the current year-plus waiting period.
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