Erebor, which is named for the dragon-guarded mountain of treasure in “The Hobbit,” is launching with $635m in capital, and has lined up a handful of potential defense and industrial tech-focused clients who say they want to work with a bank that grasps their needs. Among these customers are companies that construct AI-powered factories, a robotics startup, and a space company developing a way to make pharmaceuticals in low gravity.
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Erebor becomes first bank ok’d under new administration
“You can think of us like a farmers’ bank for tech,” said Luckey, who will sit on Erebor’s board but won’t have a role in operations. “I think most farmers’ banks won’t claim that they’re the best bankers in the world, but they do understand farmers.”
