Honest Bank
6 known investors
Singapore-headquartered fintech building credit card and consumer credit products for Southeast Asian markets, starting in Indonesia.
Also known as Honest Bank Pte Ltd
Founders & leadership
Investors · 6
Funding
SEC filings, press & company announcements- Undisclosed amountSeries BMay 2024Source ↗
Source: company announcements and press reports — follow each round's link for the claim.
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Honest 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.
▸Full profile — market position, go-to-market, geography
Market position
Positioned as an early-stage challenger in the Southeast Asian credit card market; its investor Digital Horizon has described the ambition as building an "Asian Nubank."
Go-to-market
Retail consumers in Southeast Asia, initially in Indonesia, where credit card penetration is reported at about 3% of the population.
Geography
Headquartered in Singapore with operations in Indonesia; post-Series A plans included new offices in Bangkok and Jakarta.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 2
launches, deals, and filingsHonest Bank raised a $19.7 million Series A round led by Insignia Ventures Partners and Digital Horizon, with Digital Horizon investing $5.5 million. Reports valued the company at $113 million. Proceeds were designated for obtaining a credit card issuing licence, increasing headcount and opening offices in Bangkok and Jakarta.
$19.7M source ↗
Following the Series A, the company said it would increase headcount and open new offices in Bangkok and Jakarta, and may launch credit services and acquire a credit card license in Indonesia.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 7
primary sources listed
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Honest Bank do?
- Singapore-headquartered fintech building credit card and consumer credit products for Southeast Asian markets, starting in Indonesia.
- Who founded Honest Bank?
- Honest Bank was founded by Peter Panas, Will Ongkowidjaja.
- Who are Honest Bank's investors?
- Honest Bank's investors include Digital Horizon, Digital Horizon VC, South Quad, Village Global, Insignia Ventures Partners, XYZ Venture Capital.