Honest, Indonesia’s fastest-growing credit card issuer, has closed an oversubscribed equity funding round, bringing its total equity funding to $100m.
The growth round was led by Japanese credit card giant Orico, with continued backing from XYZ Venture Capital, SV Pacific Ventures and Village Global. The round also attracted new support from US-based Gilgamesh Ventures.
Alongside the equity raise, Honest secured $40m in debt financing from Mizuho Bank.
The FinTech, founded in 2023 by former Apple Card executive Peter Panas and Alpha JWC co-founder Will Ongkowidjaja, has quickly positioned itself as a challenger to Indonesia’s traditional banking sector. With fewer than 3% of Indonesians holding a credit card, the company is seeking to unlock access to credit for millions of underbanked consumers.
The FinTech can launch co-branded cards in weeks and approves over 90% of applicants. It compared itself to other Indonesian banks that take years to launch and approve less than 5%.
Orico president & representative director Makoto Umemiya said, “Indonesia’s credit card market holds enormous potential, and Honest is well-positioned to lead this growth with its innovative approach. We are excited to back the company as a long-term strategic partner, supporting its journey to become a market champion and transform financial services for millions of Indonesians.”
XYZ Venture Capital managing partner Ross Fubini added, “We’ve never seen anything like Honest—it’s the first truly digital credit card in the region that customers are genuinely excited about. Honest has solved problems traditional banks couldn’t touch, and you can see the difference in how people talk about the product—they love using it.”
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