Erebor#60
About
Erebor is a US national bank built for the innovation economy, providing traditional deposit and lending services alongside stablecoin payments for startups in crypto, AI, defense and advanced manufacturing.
From X
COO: "Erebor has done more for us in 24 hours than our old bank did in 24 months" moving everything to @ereborbank -- contact @roshunpatel who helped me
America has a new bank for builders, and Anatar is all in. We’ve selected @ereborbank as our banking partner to usher in a new era for the American textile industry. https://t.co/DNKrAyF0eF
Congrats to the @ereborbank team! Proud to be an early backer and board director, and early client, too. Check it out as we launch tomorrow! I’ve partnered w/ Palmer in every round of Oculus and Anduril, and he’s always exceeded expectations; love the team he’s built at Erebor.
Just in - @ereborbank posted their 1st call report. In 7 weeks since opening, they've already hit $1.1 billion in deposits. unprecedented growth for a de novo (or fintech) For comparison - Grasshopper Bank (also a tech-focused NYC de novo) took 7 years to reach the same number, and only got there via acquisition - Square Financial Services, even with Block's enormous merchant base, sits at $495M after 5 years. - Mercury took 4 years - Chime took 6 At $1 billion this makes them ~1,000th largest bank in America (out of ~4,500). If they want to be a top 100 bank, thats ~$20 billion of deposits. 5% of the way there in 7 weeks. Next up...what do they do with those deposits? Will be watching how loans ramp from here!
History in the making... @PalmerLuckey new bank + Lux family co @ereborbank bank for the tech community building things that MATTER now operational with it's official US charter!! 🇺🇸🏦 https://t.co/4aBP2pTc6C
Jamie Dimon was asked about @ereborbank at Hill & Valley. It was my favorite moment of the day: "I wish them success. We have millions of competitors. If they can do something better than we can, go for it — that's competition. We've lost a lot to competitors over the years. We've done a lot well, but we also didn't build Stripe. We didn't do some of what Block did. We didn't do Revolut. I want to stay conscious of that. We know we get our asses kicked every now and then. And if they do a great job for a certain constituency, I can compete with them and do better — or they can compete with me and do better. Both are fine."
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Will Erebor become the leading bank for crypto and defense startups?
