Honest Achieves $100 Million in Capital Funding to Drive Financial Inclusion in Indonesia

Honest Secures $100 Million Funding

On October 1, 2025, Honest, the fastest-growing credit card issuer in Indonesia, announced the closing of a highly successful growth funding round, raising a staggering $100 million. This round was led by Orico and included continuous support from well-known investors such as XYZ Venture Capital, SV Pacific Ventures, and Village Global, along with significant participation from various top-tier American investors including Gilgamesh Ventures. Additionally, Honest secured another $40 million in debt financing from Mizuho Bank.

As credit card ownership in Indonesia remains low, with less than 3% of Indonesians having a credit card, Honest is committed to expanding credit access to millions of consumers. The company plans to use this fresh capital to develop its flagship Honest Card into business cards and co-branded cards, taking inspiration from models like Nubank, Ramp, and Imprint in the U.S. but tailored for the Asian market. Unlike traditional Indonesian banks, which often take years to launch cards and approve less than 5% of applicants, Honest boasts an impressive approval rate of over 90%, with the ability to launch co-branded cards within mere weeks.

Makoto Umemiya, President and CEO of Orico, expressed enthusiasm for the potential of the Indonesian credit card market, stating, “Honest is uniquely positioned to drive this growth through its innovative approach. We are excited to support the company as a long-term strategic partner, helping it become a market champion and transform financial services for millions of Indonesians.”

Orico is recognized as one of Japan's leading credit card issuers and is part of the Mizuho Financial Group, one of the largest banks globally. Ross Fubini, Managing Partner at XYZ Venture Capital, added, “We've never seen anything like Honest before—it’s the first truly digital credit card in the region that has garnered enthusiastic customer appeal. Honest has tackled issues that traditional banks couldn’t address, and you can see this difference reflected in how people talk about the product—they love using it.”

Established in 2023, Honest aspires to go public in the U.S. before 2030. It was founded by Peter Panas, former VP of Products at Apple Card and Goldman Sachs, and Will Ongkowidjaja, co-founder of Alpha JWC, a premier Indonesian venture capital firm. Remarkably, Honest is the only fintech in Indonesia to hold a credit card license, a testament to its acquisition of GE Finance Indonesia back in 2022. Its investment roster features prominent Silicon Valley firms such as XYZ, Village Global, and Goodwater, along with Japan’s payment leaders like Orico, Rakuten, and GMO. Notable angel investors include David Vélez, the founder of Nubank.

This successful funding round positions Honest for significant growth in the coming years and reinforces its commitment to enhancing financial inclusion across Indonesia, bridging the gap for millions who have been traditionally underserved by the financial sector. With a robust support network and a clear vision for the future, Honest aims to redefine the credit landscape in Southeast Asia, making it more accessible and user-friendly for everyone.

For more updates on this rapidly evolving story and future developments from Honest, follow along as the company leads Indonesia into a new era of financial technology.