Honest Bank grows valuation by four-times in just over a year

Singapore-based Honest Bank has reportedly hit a $113m valuation, following the close of a $19.7m Series A.

The investment was led by Insignia Venture Partners, with commitments also coming from XYV Venture Capital, Digital Horizon, Better Capital Partners and Alumni Ventures, as well as others, according to a report from Tech in Asia.

Of the $19.7m investment, $7m was supplied by Insignia, $5.5m came from Digital Horizon, $1.56m was invested by Better Capital and $1.5m was injected by XYZ Venture Capital, it said.

As for the size of their stakes in the business, Insignia holds 6.45% of Honest’s shares. XYZ holds 5.1% and Digital Horizon holds 3.52%.

This funding round shoots Honest’s valuation up by nearly four-times. The company was previously valued at $27m after it closed a $4m investment int early 2020.

Honest Bank is expected to soon launch credit services in Indonesia and get credit card licenses in Indonesia. The company will also hire more staff across Southeast Asia.

The FinTech company’s mission is to help people in Southeast Asia get better access to fair banking.

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