Palmer Luckey jumped from VR headsets to digital banking—a leap even more thrilling than a valuation doubling.

According to Bloomberg, digital bank Erebor is raising funds, with a valuation potentially reaching $8 billion, doubling from $4.35 billion at the end of last year. Deposits have increased from $1.1 billion at the end of March to over $4 billion, with about 400 new clients added. Founded by Oculus founder Palmer Luckey, it has received investments from Andreessen Horowitz, Peter Thiel's Founders Fund, and Lux Capital, among others. Luckey said the deposits come from new clients, not companies he controls, and regulatory approvals have been obtained to expand business within the federal banking framework.