1. Startups

Honest Reportedly Received Funding from Rakuten Ventures and Jetha Global

Continuing a $20 million funding round previously secured from Orico in 2023

Honest Bank reportedly received additional funding from Rakuten Ventures and Jetha Global. According to data submitted to the regulator, as quoted from Alternative.pe, the investment given by both of them was $2,5 million or the equivalent of IDR 40 billion.

This gain continues the round previously raised funding. Throughout 2023, Orico poured funds into Honest reaching $20 million in two rounds. This investment is said to mark Orico's debut in Indonesia with the target of launching an Orico virtual credit card with Honest. Orico is a Japanese financing company that was founded in 1954.

Founded by Peter Panas and Will Ongkowidjaja in 2019, Honest Bank is known to have received investment from a number of investors, including Insignia Ventures Partner, Global Founder Capital, and Alpha JWC Ventures. Apart from that, Village Global and PermataBank are also shareholders Honest Bank.

Honest officially launched to the public in April 2023 after receiving regulatory approval two months earlier. The main product offers the Honest Card credit card service which can be used via the application or with a physical card. As a company, Honest Bank operates in Indonesia through its subsidiary PT Honest Financial Technologies.

Currently, Honest has a payment service provider license from Bank Indonesia and is also registered as a finance company supervised by the Financial Services Authority.

For your information, PT Honest Financial Technologies is the result rebranding from PT Sahabat Finansial Keluarga (SFK), a financing company owned by PermataBank. The name change follows the acquisition of a majority of its shares by a company from Singapore, namely Honest Financial Technologies International Pte. Ltd. (Honest Bank).

Citing data on Google Playstore, currently the Honest application has been downloaded by more than 1 million users. As for LinkedIn data, the company currently employs almost 200 employees. Honest Bank is led by Dharu Estiningrum (CEO), who was previously a senior banker at Bank Mandiri.

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