Peter Thiel-backed Erebor granted preliminary approval by U.S. OCC

Erebor Bank, a fintech startup backed by Peter Thiel and others, has obtained preliminary conditional approval from the U.S. Office of the Comptroller of the Currency. The bank aims to bridge finance, crypto, AI and innovation sectors by offering tailored services to tech firms. With initial capitalization of $275 million, it plans a digital banking model from Columbus, Ohio and New York. Critics question political ties but the team pledges prudent risk management.