Thiel-Backed Erebor Bank Wants to Echo SVB. That’s Risky

A dragon’s lair isn’t where most people would stash their cash, even in fantasy fiction. But that’s not slowing down the real-world Erebor Bank — named after the mountain home of a treasure-hoarding beast in JRR Tolkien’s The Hobbit. The tech-focused lender, founded by Palmer Luckey and backed by Peter Thiel, wants to conquer the market Silicon Valley Bank dominated before it collapsed in 2023. That’s not necessarily a bright idea.