JAKARTA, Indonesia, Oct. 1, 2025 /PRNewswire/ — Honest, Indonesia’s fastest-growing credit card issuer, has closed an oversubscribed growth round led by Orico, bringing the company’s total equity funding to $100 million. The round saw continued backing from XYZ Venture Capital, SV Pacific Ventures, and Village Global, alongside new participation from other leading U.S. investors, including Gilgamesh Ventures. Honest also secured $40 million in debt financing from Mizuho Bank.
Peter Panas and Will Ongkowidjaja
With fewer than 3% of Indonesians owning a credit card, Honest is unlocking access to credit for millions of consumers. The company will use the new capital to expand its flagship Honest Card into corporate and co-branded cards, drawing inspiration from Nubank, Ramp, and Imprint in the Americas—but designed for Asia. Honest can launch co-branded cards in weeks and approves more than 90% of applicants, compared with traditional Indonesian banks that often take years to launch and approve fewer than 5%.
Makoto Umemiya, President & Representative Director of Orico, said:
“Indonesia’s credit card market holds enormous potential, and Honest is well-positioned to lead this growth with its innovative approach. We are excited to back the company as a long-term strategic partner, supporting its journey to become a market champion and transform financial services for millions of Indonesians.”
Orico is one of Japan’s leading credit card issuers and the consumer finance arm of Mizuho Financial Group, one of the world’s largest banks with trillions in assets.
Ross Fubini, Managing Partner at XYZ Venture Capital, added:
“We’ve never seen anything like Honest—it’s the first truly digital credit card in the region that customers are genuinely excited about. Honest has solved problems traditional banks couldn’t touch, and you can see the difference in how people talk about the product—they love using it.”
XYZ Venture Capital is a billion-dollar Silicon Valley fund founded by Fubini, who has been recognized on the Forbes Midas List. Fubini will also join Honest’s board with XYZ becoming the company’s second-largest investor after Orico.
About Honest
Launched in 2023, Honest is Indonesia’s fastest-growing credit card issuer, with ambitions to pursue a U.S. IPO before 2030. The company was founded by Peter Panas, former VP of Product for Apple Card at Goldman Sachs, and Will Ongkowidjaja, co-founder of Alpha JWC, Indonesia’s leading venture capital firm.
Honest is the only fintech in Indonesia with a credit card license, following its acquisition of GE Finance Indonesia in 2022. Its investors include leading Silicon Valley firms such as XYZ, Village Global, and Goodwater, as well as Japanese payments leaders Orico, Rakuten, and GMO. Notable angel investors include David Vélez, founder of Nubank.
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