SBI puts $100 million into Erebor, the Palmer Luckey-backed US digital bank

SBI Holdings confirmed in a Nov. 2 statement that it will invest $100 million in Erebor Bank, an Ohio-based digital lender co-founded by Anduril's Palmer Luckey, through its U.S. subsidiary SBI Holdings USA. Erebor Bank, N.A., based in Columbus, Ohio, is a nationally chartered bank serving defense, artificial intelligence, energy, robotics and advanced manufacturing companies; Owen Rapaport is CEO and Jacob Hirshman chairman. Before launching in February 2026, it obtained a national bank charter from the Office of the Comptroller of the Currency and deposit insurance from the Federal Deposit Insurance Corporation; by September deposits exceeded $7 billion. It records transactions on its own blockchain-based banking system, enabling settlement at any time including weekends, and handles stablecoin deposits and withdrawals.