- Honest Bank secures $2.5M from Rakuten Ventures and Jetha Global.
- The Singapore-based fintech startup targets Indonesia’s credit card market.
- Honest Bank plans to expand beyond Indonesia.
Rakuten Ventures and Jetha Global join the party
Honest Bank, the Singapore-based fintech startup that’s been making waves, just got a little richer.
The company has scored an additional $2.5 million for its Series B round, thanks to the generosity of Rakuten Ventures ($1.5 million) and Jetha Global ($1 million).
This latest investment brings the total funding for this round to a whopping $21.5 million, including the $19 million from Japanese firm Orico in 2023.
Indonesia’s credit card scene gets an honest shake-up
Founded in 2019 by the dynamic duo of Peter Panas and Will Ongkowidjaja, Honest Bank has set its sights on shaking up the Indonesian market.
Their secret weapon? The Honest Card, a credit card that comes in both physical and digital forms, ready to take on the competition. Leading the charge in Indonesia is Dharu Estiningrum, a former big shot in the credit card division of state-owned Bank Mandiri.
Honest Bank’s got some serious backing from the coolest kids on the block, including Global Founders Capital, Village Global, Permata Bank, Alpha JWC Ventures, and Insignia Ventures Partners, who led the $19.7 million Series A round back in 2021.
While there are whispers of Honest Bank setting up shop in Bangkok, where co-founder Peter Panas is based, it’s still a mystery whether they’ve unleashed their products in Thailand.
As this fintech startup continues to make moves in Indonesia and beyond, one thing’s for sure: with the extra cash from Rakuten Ventures and Jetha Global, Honest Bank is ready to take on the world!
To read the original article: https://www.techinasia.com/honest-bank-gains-additional-25m-backing-rakuten-jetha
