Led · Equity · Oct 2025

Founded in 2023, Honest is Indonesia’s fastest-growing credit-card issuer and the only local fintech holding a credit-card license after acquiring GE Finance Indonesia in 2022. Its flagship product, the Honest Card, delivers instant mobile issuance and approves more than 90 % of applicants, far surpassing traditional banks that approve fewer than 5 %. With fewer than 3 % of Indonesians currently owning a credit card, the company targets a large untapped market and plans to roll out corporate and co-branded cards that can be launched in weeks. Honest draws inspiration from Nubank, Ramp, and Imprint but tailors its user experience for Asian consumers. The founders are Peter Panas, former VP of Product for Apple Card at Goldman Sachs, and Will Ongkowidjaja, co-founder of Alpha JWC. Investors include XYZ Venture Capital, Village Global, Goodwater, Orico, Rakuten, and GMO, as well as notable angel David Vélez of Nubank. Honest has raised $100 million in total equity funding to date and aims for a U.S. IPO before 2030, supplementing its balance sheet with an additional $40 million in debt from Mizuho Bank.