Japan-based SBI Holdings has announced plans to invest USD 100 million in US-based digital bank Erebor Bank to expand its US business.
The investment will be made through SBI’s US subsidiary. Through the deal, the financial group aims to acquire digital banking expertise from Erebor and strengthen its operations in the US market. The move follows a separate agreement SBI concluded the previous week with US-based CRB Group, which points to a broader push by the group to build its US presence through partnerships with banks focused on digital infrastructure.
Erebor’s blockchain-based banking model
Erebor Bank was established in 2025 and obtained a bank charter from the US Office of the Comptroller of the Currency (OCC) in an unusually short timeframe. Its core banking system is built on blockchain technology, which allows settlements to be processed around the clock. Alongside its settlement infrastructure, the bank also provides corporate loans, primarily to companies in the technology sector.
For SBI, the investment offers access to both blockchain-based settlement capabilities and the operational know-how of a bank designed around digital systems from its inception. The focus on round-the-clock settlement is central to the rationale for the deal, as the group seeks to apply this expertise to its US activities.
The size of the stake SBI will hold in Erebor and the expected completion date of the investment were not disclosed in the announcement.
On 28 October 2026, SBI announced a business alliance with CRB Group, the parent company of Cross River Bank. Cross River Bank operates in Embedded Finance, a model in which traditional retail financial services are integrated into other platforms. In addition, CRB Group was involved in the launch of X Money, a P2P money transfer service built into social media platform X, formerly Twitter. SBI is currently in discussions regarding a potential investment in CRB, as well as the establishment of a joint venture with the group in Japan.
SBI’s US strategy takes shape
Taken together, the two announcements, made within a week of each other in late 2026, outline the direction of SBI’s US expansion. The Erebor investment centres on blockchain-based core banking and continuous settlement, while the CRB alliance concerns embedded finance and payment services integrated into consumer platforms.
The two partnerships therefore address different layers of digital financial services: the underlying banking and settlement infrastructure on one side, and the distribution of financial products through third-party platforms on the other. The proposed joint venture with CRB in Japan also indicates that the cooperation may not be limited to the US, with potential applications in SBI’s home market.
Both arrangements involve US banks operating under regulatory oversight, with Erebor holding an OCC charter, which positions SBI’s expansion within the regulated banking framework rather than outside it.
