Miguel Cordon · · 2 min readHonest Bank extends series B to $21.5m with Rakuten, Jetha backing
The Honest Bank team / Photo credit: Honest Bank
Honest Bank, a Singapore-headquartered financial services startup, has recently secured an additional US$2.5 million investment for its series B round, according to data from Alternatives.pe, which tracks filings in Singapore.
Of the amount, Rakuten Ventures contributed US$1.5 million, while Jetha Global chipped in for the rest. This comes after Honest Bank received a roughly US$19 million investment from Japanese firm Orico in 2023 for the same round, according to the data.
Honest Bank founders Peter Panas and Will Ongkowidjaja did not respond to Tech in Asia‘s requests for comment.
Founded in 2019, Honest Bank is focused on the Indonesian market. Its core product is the Honest Card, a credit card available in both physical and digital form.
In Indonesia, the company is led by Dharu Estiningrum, who was previously an executive in the credit card division of state-owned Bank Mandiri.
Honest Bank’s investors include Global Founders Capital, Village Global, and Permata Bank. Alternatives.pe also lists Alpha JWC Ventures – which Ongkowidjaja co-founded – as a backer of the startup, while Insignia Ventures Partners led its US$19.7 million series A round in 2021.
Aside from Indonesia, Honest Bank appears to have operations in Bangkok, which is where Panas is based, according to his LinkedIn. However, it’s unclear whether its products have launched in Thailand.
See also: Why fintech arms of GoTo, Grab, Sea deserve more attention
Editing by Putra Muskita and Lorenzo Kyle Subido
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