#Indonesia #Jakarta #Credit Card #Honest

Honest Secures $100 Million Financing Round

On October 1, 2025, Honest, the fastest-growing credit card issuer in Indonesia, announced the successful closure of an oversubscribed growth financing round, led by Orico. This recent round elevated the company's total capital funding to an impressive $100 million. Notably, the growth financing was backed by key players such as XYZ Venture Capital, SV Pacific Ventures, and Village Global, joined by significant U.S. investors, including Gilgamesh Ventures. Furthermore, Honest secured an additional $40 million in debt financing from Mizuho Bank.

With less than 3% of Indonesians currently holding a credit card, Honest aims to democratize credit access for millions of consumers. The newly acquired capital will enable the company to expand its flagship product, the Honest Card, into corporate and co-branded cards. Drawing inspiration from innovators like Nubank, Ramp, and Imprint in the U.S., Honest designs its products specifically for the Asian market, aiming to launch co-branded cards within weeks and boasting an approval rate exceeding 90% for applicants. In stark contrast, traditional Indonesian banks often take years to approve fewer than 5% of applications.

Makoto Umemiya, President and Representative Director of Orico, expressed enthusiasm for the potential growth in the Indonesian credit card market. He stated, "The market for credit cards in Indonesia holds immense potential, and Honest is well-positioned to lead this growth with its innovative approach. We are excited to support the company as a long-term strategic partner, helping it to become a market benchmark and transform financial services for millions of Indonesians."

Orico is recognized as one of Japan’s leading credit card issuers and is a part of Mizuho Financial Group, one of the largest banks globally, boasting trillions of dollars in assets. Ross Fubini, Managing Partner at XYZ Venture Capital, added, "We have never seen anything like Honest; it is the first truly digital credit card in the region that genuinely excites customers. Honest addresses issues that traditional banks could not, and the enthusiasm surrounding the product is palpable."

XYZ Venture Capital is a multi-billion-dollar fund based in Silicon Valley, founded by Fubini, a notable figure who has been named in the Forbes Midas List. Fubini will also join the board of Honest as XYZ becomes the second-largest investor in the company, after Orico.

About Honest

Founded in 2023, Honest is Indonesia's fastest-growing credit card issuer, with aspirations to launch an Initial Public Offering (IPO) in the U.S. before 2030. The company was established by Peter Panas, former Vice President of Product at Apple Card and Goldman Sachs, and Will Ongkowidjaja, co-founder of Alpha JWC, a leading venture capital firm in Indonesia. Honest stands out as the only licensed fintech for credit cards in Indonesia, following its acquisition of GE Finance Indonesia in 2022. Among its prominent investors are notable Silicon Valley firms like XYZ, Village Global, and Goodwater, as well as leading Japanese payment entities such as Orico, Rakuten, and GMO. Notably, among its angel investors is David Vélez, founder of Nubank.

The funding and expansion plans are set to make a significant impact on the Indonesian financial landscape, providing access to credit for those who previously had none. Honest's focus on fast approval and rapid product development positions it uniquely against traditional banking services.

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