Erebor is nearing a roughly $1.5 billion funding round at an $8 billion pre-money valuation, the Financial Times reported, clarifying that the often-cited $9.5 billion figure would be the approximate post-money valuation if the full raise closes on those terms. The Columbus, Ohio bank has not announced the financing and declined to comment, so the size, valuation and investor commitments remain subject to change. Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to commit, while existing investors 8VC and Haun Ventures are also reportedly participating. The fundraising talks come six months after Erebor received final approval to open as a U.S. national bank. Regulatory filings show deposits rose to $4.06 billion and assets to about $4.66 billion by June 30 from roughly $1.1 billion in deposits at March 31, while the Financial Times said deposits reached $4.6 billion by the end of July. Erebor must maintain a Tier 1 leverage ratio of at least 12% for its first three years, making fresh equity important as it expands lending, including a $200 million Valar Atomics credit facility arranged with JPMorgan, Crescent Cove and Hercules Capital.