Honest Bank

Honest Bank is a fintech company headquartered in Singapore with operations in Indonesia. Its stated mission is to provide access to fair banking in Southeast Asia, and its initial focus is consumer credit, specifically credit cards. The company began in Indonesia, a market where roughly 3% of the population holds a credit card, and has positioned itself around the region's growing share of online shopping and the limited availability of technology-driven credit products.

The company was founded by Will Ongkowidjaja, who previously founded Indonesian fintech-focused venture firm Alpha JWC Ventures, and Peter Panas, who led the Apple Card launch on the Goldman Sachs side. Its founding team's backgrounds span investment banks, fintech-focused venture funds and Big Four firms. Following its 2021 Series A round, the company indicated plans to launch credit services in Indonesia, obtain an Indonesian credit card license, expand headcount across Southeast Asia and open offices in Bangkok and Jakarta.

Founding story

Founded by Will Ongkowidjaja, founding partner of Indonesian venture firm Alpha JWC Ventures, and Peter Panas, who led the Apple Card launch at Goldman Sachs; other founders came from investment banks, fintech venture funds and Big Four firms.

Business model

Consumer credit provision in Southeast Asia, centred on credit card issuance, for which the company stated it intended to obtain an issuing licence in Indonesia.

Traction

Reported a $113 million valuation at its Series A, described as nearly a fourfold increase over the company's previous round.

Latest developments

In August–September 2021 the company closed a $19.7 million Series A led by Insignia Ventures Partners, with Digital Horizon contributing $5.5 million. Reports placed the post-money valuation at $113 million, described as nearly four times its prior round. Proceeds were earmarked for a credit card issuing licence, hiring and regional office expansion.