The executives behind Palmer Luckey's new digital banking startup Erebor include banking, Big Law, and tech vets

Palmer Luckey, a founder of Erebor Bank.Patrick T. Fallon/Getty ImagesAnduril cofounder Palmer Luckey is launching Erebor, a bank that will serve crypto clients and startups.BI obtained a memo that describes leadership at the neobank.The executives have ties to traditional banking, politics, and Big Law.Palmer Luckey, CEO of defense tech giant Anduril Industries, is quietly building a new digital banking venture — and we now know more about who will be helping him.The startup, Erebor, is raising $225 million at a $2 billion valuation, Business Insider reported in July. It has backing from Peter Thiel's Founders Fund and Joe Lonsdale's 8VC. It filed for a national bank charter in June, and will serve clients like crypto companies and startups — a niche once occupied by Silicon Valley Bank.While little has been publicly revealed about Erebor so far, documents obtained by Business Insider shed some light on the team behind it.Luckey and four cofounders — Trevor Capozza, Jacob Hirshman, Aaron Pelz and Owen Rapaport — are at the helm, according to a fundraising memo that described the company's leadership and plans. Hirshman and Rapaport are listed as co-CEOs of Erebor, per the memo.Three other executives — chief risk officer Joshua Rosenberg, chief financial officer Ricky Grant, and chief credit officer Vlad Dubinsky — have backgrounds in banking and bank regulation, and their involvement with the company hasn't previously been reported.A banking lawyer at Skadden who appears on Erebor's bank charter application and is listed as its spokesperson didn't respond to a request for comment.Here's what we know about the names.Founder: Palmer LuckeyLuckey is the founder of Erebor, according to the memo.He previously cofounded Anduril, a defense tech company that makes AI-powered autonomous military systems, in 2017. Founders Fund led the latest Anduril round — a $2.5 billion fundraise at a $30.5 billion valuation — with a $1 billion investment, the largest check the firm has ever written, Tech Crunch reported in June.Before Anduril, Luckey launched Oculus, a virtual reality company, when he was 19. He sold it to Facebook, now Meta Platforms, for $2 billion in cash and stock in 2014. In 2016, Luckey was fired from Meta after donating $10,000 to a pro-Donald Trump group.Meta and CEO Mark Zuckerberg have denied that Luckey left over his politics. Anduril partnered with Meta in May to make headsets and wearable devices for the military.Luckey didn't respond to requests for comment.Co-Founder: Trevor CapozzaCapozza is listed as a cofounder of Erebor in the memo. His LinkedIn profile says he is a cofounder of a "stealth startup," a term used to describe a company before it has officially launched.He serves as the head of operations of Luckey's family office, according to LinkedIn. Capozza began his career at Optimozo, a private company, where he did asset management, his LinkedIn profile shows.His name has appeared in tax forms filed by a Luckey-linked nonprofit, the Pacific Treasure Foundation, as well as in registration paperwork for a virtual-reality news website, a firm called Trisolaris LLC, and another business called Project Passive LLC.Capozza declined to comment.President: Michael HagedornHadegorn is Erebor's president, his LinkedIn shows. According to his profile, the fintech startup "seeks to revolutionize banking services for the innovation economy."Hadegorn has held executive positions at UMB Financial Corporation and Valley National Bank. He started his career at Wells Fargo, where he worked for nearly 17 years. At Wells Fargo, Hagedorn led the Midwest banking group for five years, his LinkedIn profile shows.Hagedorn didn't respond to a request for comment.Co-Founder/Co-CEO: Owen RapaportRapaport is listed as a co-founder and co-CEO of Erebor focused on "product, credit, and customer success," the memo says.Before joining Erebor, Rapaport cofounded and served as CEO at crypto-monitoring company Aer Compliance, which merged with StarCompliance in 2024.Before that, he worked at Electrum, a bitcoin wallet company, and was a consultant at Bain & Company, according to his LinkedIn.Rapaport didn't respond to a request for comment.Co-Founder/Co-CEO: Jacob HirshmanHirshman is listed as a cofounder and co-CEO of Erebor and is focused on "sales, marketing, and regulatory" work, the memo says. Hirshman's LinkedIn profile lists him as a cofounder of a "stealth startup."Hirshman works at stablecoin issuer Circle, which debuted on the New York Stock Exchange in early June, as an advisor, according to his LinkedIn. Before that, Hirshman spent almost a year as an associate at Sullivan & Cromwell after graduating from law school at the University of Pennsylvania, his LinkedIn profile says.Hirshman declined to comment.Co-Founder/CTO: Aaron PelzPelz is listed as a cofounder and chief technology officer of Erebor, according to the memo.He previously worked at Pinwheel, a fintech startup, where he led engineering, according to his LinkedIn, which says he left the company in March. Pelz previously worked in software engineering at Quorum, which makes public affairs software.Pelz didn't respond to a request for comment.Chief Financial Officer: Ricky GrantRicky Grant is listed as Erebor's chief financial officer, according to the memo. He spent nearly two years at Customer Bank, a fast-growing Philadelphia bank, as its head of investor relations and strategic finance, according to his LinkedIn profile.Customers Bank was faulted by the Federal Reserve in 2024 over shortfalls related to crypto risks. The bank's CEO said it has since spent millions of dollars to come into compliance. The American Banker reported that it holds dollar-denominated deposits for large crypto exchanges and has a large venture lending portfolio.Before working at Customers, Grant worked in investment banking for JP Morgan Chase and Goldman Sachs, according to his LinkedIn profile. Goldman listed him in its managing director class of 2019. He didn't respond to requests for comment.Chief Risk Officer: Joshua RosenbergRosenberg listed on his LinkedIn that he is working with Erebor after completing a nearly two-year stint at United Texas Bank, a Dallas financial institution that is a key cog in the crypto business. His LinkedIn and the memo describe him as Erebor's chief risk officer.He joined United Texas Bank in 2023 after a 22-year career at the Federal Reserve Bank of New York. In April, The Information reported that Rosenberg was brought on by UTB to "beef up" its compliance efforts amid regulatory scrutiny from the Federal Reserve over its crypto-related activity.Previously, Rosenberg was an assistant finance professor at the NYU Stern School of Business, according to his LinkedIn. He has a Ph.D. in economics from the University of California San Diego.Rosenberg didn't respond to a request for comment.Chief Credit Officer: Vlad DubinskyVlad Dubinsky is listed as Erebor's chief credit officer in the memo.Dubinsky's LinkedIn profile says he joined The Bancorp Bank in May as a managing director, credit markets. Bancorp is known for working with fintech companies that issue payment cards.According to his LinkedIn profile, Dubinsky spent over three years working for Blue Foundry Bank, a New Jersey bank with a market capitalization of about $200 million that has been gravitating "away from residential and multifamily lending and toward higher-yielding commercial loans," according to the American Banker.He didn't respond to requests for comment.Read the original article on Business Insider

Comments

Business News

Two ways people could get ‘early’ Universal Credit payments

Mirror

Comments

Business News

Two ways people could get ‘early’ Universal Credit payments

New proposals to cut PIP and disability benefits ahead of full review

How To Vote For ‘Love Island USA’ Season 7 Winners — Here’s When Voting Is Open

3 Rookies To Draft In Your Fantasy Football League

7 Little Words Hints, Clues And Answers For Saturday, July 12th

Bank of England will monitor cash acceptance on ongoing basis

Jerome Powell ‘considering resigning’ as pressure grows over lavish $2.5B HQ: report

Bank of England will monitor cash acceptance on ongoing basis

Windsurf's CEO is headed to Google DeepMind &mdash; not to OpenAI

The executives behind Palmer Luckey's new digital banking startup Erebor include banking, Big Law, and tech vets

Made in America

Katie Taylor Vs. Amanda Serrano Results And Full Fight Card Results

Why Does ‘Hawkgirl’ From ‘Superman’ Look So Familiar?

UFC Nashville Fight Card: Odds, Lines, Prop Bets, Predictions, Picks

Netflix’s ‘Too Much’ Is A Relatable Tale About Breaking Up In A Social Media World

How Flavour Chose Highlife Over Afrobeats — And Won Africa’s Heart

Today’s ‘Wordle’ #1484 Hints, Clues And Answer For Saturday, July 12th

Alcaraz Fries Fritz In The Heat To Make Third Wimbledon Final

Box Office: ‘Superman’ Flying Toward $115 Million Opening Weekend

It May Be Time To Start Getting Worried About The Los Angeles Dodgers

Trump’s new tariff threats said to have little impact on Saskatchewan

Energy Department to Gut Funding for Solar and Wind Projects

‘They Kept Coming’: Hundreds of Packages Pile Up Outside Woman’s Home

Thousands of young people exploited to launder money – report

Musk's latest Grok chatbot searches for billionaire mogul's views before answering questions

Skydance reportedly in talks to buy Bari Weiss’ The Free Press — is CBS News role in her future?

Thousands of young people exploited to launder money – report

ALEX BRUMMER: Neglect of UK innovation happening before our eyes

Footsie slips from record high after tariff threats

RAY MASSEY: Car fans flock to Goodwood Festival of Speed

As M&S looks to challenge the big supermarkets, which shares should go in your trolley?

Louis Vuitton warning as hackers strike

After the economy shrinks again, summer rate cut 'looks inevitable'

A star-studded film about Sam Altman is coming. Vote here for your favorite business movie.

Justin Bieber's new album is excellent PR damage control. It's also his best music in years.

Preliminary report says fuel switches were cut off before Air India Boeing 787 crash

Prime Day — er, Days — tests deal hunters' will to spend amid tariffs

‘Dexter: Resurrection’ Release Schedule: When Do New Episodes Come Out?

European Trade Tensions Rise Ahead Of The July Summit In China

‘Big Brother’ Uptick: Night 1 Viewer Results Up By Double-Digits On CBS

The Air Force Needs The F-47 And The Navy Needs The F/A-XX

Sequoia’s Maguire Unfairly Targets Zohran Mamdani’s Father, Fellow Academic Says

Wimbledon: Carlos Alcaraz Vs. Jannik Sinner By The Numbers

What To Watch This Weekend: New Shows And Movies To Stream On Netflix, Hulu, Prime Video, Apple TV And More

Wimbledon: Carlos Alcaraz, Jannik Sinner By The Number

Has Arsenal’s Summer Transfer Business Made It Title Favorites?

What The War In Ukraine Reveals About The Future Of Space Warfare

‘I Try Hard To Highlight Humanity Amid War’: Trey Yingst, On Reporting For Fox News

Air India Plane Crash Report Says Fuel to Engines Was Cut Off

McDonald's worker arraigned in fatal stabbing of manager at Detroit-area restaurant

Walmart recalls 850K water bottles after 2 people suffer ‘permanent vision loss’ from explosive lids

Kraft Heinz considers breakup amid sluggish sales, changing consumer preferences: report

Reddit flooded with antisemitic conspiracy theories about attacks on Jews in US — despite hate speech ban: ADL report

Has the cash Isa been saved for good... or is a cut still coming? This is Money Podcast

Anthropic changes hiring policy after Business Insider reported it banned job applicants from using AI

Wealthy Italian neighbors used to compete by building tall towers. See inside one that's still standing after 600 years.

Swiss watch brands are raising prices, and it's driving buyers to the resale market

Apple is poised to win the rights to stream F1 racing in the US

Social Security is rerouting staff to man the phone lines &mdash; and hiding how long callers are waiting

Workers at Elon Musk's xAI erupt on Slack after Grok's antisemitic rant

Windsurf's CEO is headed to Google DeepMind — not to OpenAI

Social Security is rerouting staff to man the phone lines — and hiding how long callers are waiting