Still in "Stealth" Condition, Honest Bank Reportedly Has Centaur Value

Still in fashion "stealth", startups in digital & open banking Honest Bank is rumored to have reached a valuation of around $200 million. This is supported by funding that continues to flow.

According to data submitted to the regulator, most recently in April 2022, a number of investors added more than $10,4 million in capital coffers, including XYZ Capital, Digital Horizon, Alumni Ventures, and a number of other names.

Previously, in the seedHonest Bank secured nearly $3 million in XYZ Capital and Village Global. This was followed by a series A funding of nearly $23 million from Insignia, Global Founder Capital, Alpha JWC Ventures, and several others. If the total equity funds that have been successfully booked so far are almost $37 million.

Meanwhile, until now Honest Bank's products or services have not been launched to the public. However, it is known that the Singapore-based company has a mission to offer a financial platform that can provide fair access to banking services to people in Southeast Asia.

This startup was initiated in 2019 by Peter Panas and Will Ongkowidjaja. Will himself is one Founding Partner of Alpha JWC Ventures.

Indonesia is a market priority

Earlier this year, Honest Bank acquired the majority of shares (71,2%) from PT Sahabat Finansial Keluarga (SFK). SFK is a financing company owned by PT Bank Permata Tbk.

Based on disclosure on the IDX, the value of this acquisition is 241 billion Rupiah. As stated by Bank Permata Director Chalit Tayjasanant, the acquisition is expected to strengthen SFK's consumer financing line and innovative financial products.

Apart from the SFK acquisition, a signal of plans to make Indonesia their debut market, the company is currently recruiting for a number of positions stationed in Jakarta.

Apart from Indonesia, Thailand is also an initial target that Honest Bank will visit.