From TokenPost · · 50s
Robinhood Invests $30m in Erebor Bank
Robinhood's fund buys $30m stake in new U.S. bank with $7bn deposits.
In brief
Robinhood's fund buys $30m stake in new U.S. bank with $7bn deposits. Robinhood Ventures Fund I invested $30 million in Erebor Bank preferred shares, taking a stake in a U.S. bank with deposits exceeding $7 billion. Originally reported by TokenPost.
Investment Details
Robinhood Ventures Fund I invested $30 million in Erebor Bank preferred shares, taking a stake in a newly chartered U.S. bank whose deposits have grown above $7 billion.
Deposit Growth
Erebor’s deposits exceeded $7 billion, compared with $4.06 billion at June 30 and $1.10 billion at March 31.
Bank Charter and Structure
Erebor received its federal national bank charter on Feb. 6, with approved business plan covering technology, payment systems, investment, defense, and virtual currency market participants.
What to remember
Robinhood Ventures Fund I invested $30 million in Erebor Bank preferred shares, taking a stake in a U.S. bank with deposits exceeding $7 billion.
