Honest, one of the fastest-growing credit card issuers in Indonesia, has closed a significant growth round led by Orico, bringing its total equity funding to $100 million. The round also included continued support from XYZ Venture Capital, SV Pacific Ventures, and Village Global, with new participation from prominent U.S. investors like Gilgamesh Ventures. In addition to the equity raise, Honest secured $40 million in debt financing from Mizuho Bank, further strengthening its financial position.
This funding comes at a critical time for Indonesia, where fewer than 3% of the population currently owns a credit card. Honest is tackling this gap head-on by offering fast, accessible credit solutions to millions of underserved consumers. The company plans to utilize the new capital to expand its flagship Honest Card into corporate and co-branded offerings, inspired by successful models such as Nubank, Ramp, and Imprint, tailored for the Asian market.
Honest’s technology and operational agility allow it to launch co-branded cards in just weeks, a stark contrast to traditional Indonesian banks that often take years to roll out similar products. Even more striking is Honest’s approval rate: over 90% of applicants are approved, compared to less than 5% at conventional banks. This speed and inclusivity are central to Honest’s mission of democratizing access to credit.
The lead investor, Orico, is one of Japan’s top credit card issuers and serves as the consumer finance arm of Mizuho Financial Group, a global banking giant with assets exceeding trillions. Their involvement signals strong regional confidence in Honest’s model and growth trajectory.
XYZ Venture Capital, a billion-dollar Silicon Valley fund founded by Fubini—who has been recognized on the Forbes Midas List—also deepened its commitment. Fubini will join Honest’s board, and XYZ is now the company’s second-largest investor after Orico. This move not only adds strategic expertise but also reinforces Honest’s position as a rising fintech leader in Southeast Asia.
KEY QUOTES:
“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.”
Makoto Umemiya, President & Representative Director of Orico
“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.”
Ross Fubini, Managing Partner at XYZ Venture Capital
