Singapore fintech firm raises $19.7m in Insignia-led series A round

Honest Bank, a Singapore-based financial services firm, has raised US$19.7 million in a series A round led by Insignia Ventures Partners, according to VentureCap Insights.

The round also saw participation from investors such as XYZ Venture Capital, Better Capital Partners, and Alumni Ventures, among others.

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VentureCap Insights data also showed that Honest Bank’s share price has shot up almost 4x since its previous round in the first quarter of 2020, when it raised US$4 million at a valuation of US$27 million. The latest round saw its valuation soar to over US$113 million.

Insignia Ventures led the most recent round with a US$7 million investment. Digital Horizon poured in US$4 million, while Better Capital injected US$1.56 million, and XYZ Venture invested US$1.5 million.

Photo credit: VentureCap Insights

Following the latest fundraise, Insignia Ventures holds a 6.45% stake in Honest Bank, while XYZ Venture and Digital Horizon now own 5.10% and 3.52% of the fintech startup, respectively.

Honest Bank has not yet responded to Tech in Asia‘s request for comment.

Founded in 2019, the Singapore-headquartered firm is looking to tap into the Indonesian fintech market. According to a recent DealStreetAsia report, the company may soon roll out credit services in Indonesia and acquire a credit card license from Jakarta-based financial institution Bank Permata.

Honest Bank will also hire more people in Southeast Asia, including in cities like Bangkok and Jakarta, the report added.