Thiel-Backed Erebor Offers Venezuela Unlikely Banking Lifeline

Peter Thiel-backed startup Erebor Bank has pitched itself to top Venezuelan officials on restoring the sanctioned country’s access to the US financial system, an unexpected play by a new firm that’s stepping into a politically sensitive market many global banks still avoid.

Erebor, a bank that got its US banking charter only three months ago, has offered to arrange correspondent lines with Venezuelan banks and set up sub-accounts for their clients, said people familiar with the matter. Such arrangements would make it easier for local firms to open US accounts and help money flow more easily from Venezuela, which remains under some US sanctions.