Honest

What Honest does

Honest, operating as PT Honest Financial Technologies, is an Indonesian fintech issuer of a single core product — the Honest Card, a mobile-first Visa credit card positioned for financial inclusion. The company is headquartered in Jakarta with regional offices in Singapore and Bangkok, and is licensed and supervised by Indonesia's Financial Services Authority (OJK) and central bank (Bank Indonesia). It targets Indonesian citizens aged 21-65 with a minimum monthly income of Rp 3 million, offering a 5-minute digital application, a stated 90% approval rate, and 2-hour approval turnaround — directly addressing the slow, document-heavy onboarding of incumbent Indonesian bank-issued credit cards.

The platform is built around a numberless card design where card number, expiry, and CVV are stored only inside the Honest mobile app, combined with Tap-to-Pay (NFC), QRIS payment integration, in-app credit score checking, flexible installment (cicilan) options, and real-time card locking. Distribution is fully digital and product-led through the mobile app (1M+ downloads, 4.8 Play Store rating, 125K+ reviews), supported by an omnichannel presence across Instagram, TikTok, Facebook, YouTube, X, LinkedIn, WhatsApp Business, and an online cardholder community. The app is complemented by co-marketing campaigns such as #DitraktirHonest with KFC, Burger King, CGV, Beard Papa's, Shell, Expedia, and UniPin, plus payment-network integrations with Visa, QRIS, Gojek, Grab, Tokopedia, Lazada, and Shopee.

Revenue is generated from four primary streams: Visa interchange fees on every transaction, 1.75% monthly interest on revolving balances (waived when customers pay in full and on time), a schedule of penalty and administrative fees (late payment, overlimit, card replacement, limit increase, bill payment, stamp duty), and affiliate-style merchant promotion economics via the #DitraktirHonest campaign. Pricing is hybrid: an annual fee of Rp 300,000 that is rebated for full timely payment, a flat 1% cashback ("Honest Poin") with no minimum spend, and credit limits up to Rp 100 million. The company has raised over $137.7 million cumulatively across disclosed rounds — a $19.7M Series A led by Insignia Ventures Partners in 2021, an $18M round from Orient Corp in 2023, and a $100M oversubscribed round led by Japan's Orico in October 2025 (which included both equity and debt components) — and has publicly indicated intent to pursue a U.S. IPO before 2030.

Name

Honest

Legal name

PT Honest Financial Technologies

Website

https://honestbank.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Honest is an Indonesian fintech issuer of the Honest Card, a mobile-first Visa credit card targeting Indonesian consumers aged 21-65 with Rp 3M+ monthly income. Operating as PT Honest Financial Technologies, it is licensed by OJK and Bank Indonesia and emphasizes digital onboarding, numberless card security, and QRIS payments.

Ownership category

akta.pro rank

Product category

Consumer Credit Cards

NAICS

Credit Card Issuing (522210), Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Virtual / Digital-First Credit Cards (FSAKABAK)

akta.pro secondary industries

BNPL Card / Virtual Card Programs (FSAKACAC), Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB)

Keywords

• Consumer credit cards
• Digital banking
• Mobile payments
• Fintech services
• Contactless payments

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Card Transaction Interchange: Earns interchange fees from every card transaction made by customers at merchants (Visa network). Revenue scales with transaction volume.
2. Revolving Credit Interest: Charges 1.75% monthly interest on outstanding balances when customers do not pay in full. Interest waived for full and timely payments.
3. Fees and Penalties: Late payment fees (Rp 50,000), overlimit fees (Rp 300,000), card replacement fees (Rp 75,000), limit increase fees (Rp 50,000), bill payment fees (Rp 15,000), and stamp duty fees (Rp 10,000) for customers who do not meet full payment terms.
4. Merchant Promotions: Co-marketing partnerships with merchants (KFC, Burger King, CGV, Shell, etc.) where Honest subsidizes or co-funds promotional campaigns, generating brand visibility and transaction volume.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels12 records

Core offering

Honest issues a digital-first Visa credit card (the Honest Card) to Indonesian consumers, with the entire lifecycle — application, approval, card management, payments, and rewards — handled through the Honest mobile app. The card features a numberless design, QRIS and tap-to-pay contactless payments, installment (cicilan) options, in-app credit score checking, and a cashback rewards program, and is supported by an annual fee that is fully refunded when balances are paid in full and on time.

Product overview

Honest is an Indonesian fintech company operating under PT Honest Financial Technologies that offers a single core product — the Honest Card — a digital credit card targeting financial inclusion in Indonesia. The product is built as a mobile-first offering, where card application, management, and payments are handled through a dedicated mobile application. The card runs on the Visa payment network and is positioned as an accessible credit product for Indonesian consumers, featuring instant approval, flexible credit limits of up to Rp100 million, cashback rewards, QRIS payments, and installment options. The company previously operated under the Mastercard network before migrating to Visa.

Differentiator

Problem solved

Functional benefit

Products and services

• Honest Card

Quantifiable outcome

• 90% approval rate for applications
• +5 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• VisacoreTechnology or IntegrationHonest Card operates on Visa payment network, enabling global acceptance at 90 million+ merchants worldwide. Partnership includes special FIFA World Cup 26 limited edition card with exclusive merchandise promotions.
• GojekminorGTM or Marketing PartnerGojek integration as merchant partner where Honest Card can be used for payments on the Gojek super app platform.
• GrabminorGTM or Marketing PartnerGrab integration as merchant partner where Honest Card can be used for payments on the Grab platform.
• TokopediaminorGTM or Marketing PartnerTokopedia e-commerce integration as merchant partner for online shopping transactions with Honest Card.
• LazadaminorGTM or Marketing PartnerLazada e-commerce integration as merchant partner for online shopping transactions with Honest Card.
• ShopeeminorGTM or Marketing PartnerShopee e-commerce integration as merchant partner for online shopping transactions with Honest Card.
• KFC IndonesiaminorGTM or Marketing Partner#DitraktirHonest promotional campaign partner offering food discounts and cashback at KFC restaurants in Indonesia.
• Burger King IndonesiaminorGTM or Marketing Partner#DitraktirHonest promotional campaign partner offering food discounts and cashback at Burger King restaurants in Indonesia.
• CGV IndonesiaminorGTM or Marketing Partner#DitraktirHonest promotional campaign partner offering movie ticket cashback and discounts at CGV cinemas.
• QRIS (Bank Indonesia)coreTechnology or IntegrationQRIS (Quick Response Code Indonesian Standard) payment integration allowing Honest Card holders to make contactless QR code payments at millions of merchants across Indonesia.

Scale indicators8 records

Recent moves1 record

Expansion highlights6 records

Direct peers

• Kredivo: Indonesia-headquartered digital credit/BNPL fintech offering credit cards and pay-later products to underbanked Indonesian consumers. Most direct competitor given similar target segment (Indonesian middle-class), digital-first onboarding, and credit product offering.
• Akulaku: Indonesian/SEA BNPL and digital credit platform serving similar underbanked consumer segment with installment-based credit products. Comparable in targeting financial inclusion and Southeast Asian market presence.
• Julo: Indonesian digital lending fintech offering cash loans and credit products to underserved Indonesian consumers via mobile app. Direct competitor in the alternative credit and financial inclusion segment.

Emerging players

• Bank Jago: Indonesian digital bank backed by Gojek/Grab ecosystem offering digital savings, payments, and credit products. Emerging competitor in digital-first financial services targeting similar Indonesian consumer base.
• Jenius (BTPN): Digital banking service from Bank BTPN targeting tech-savvy Indonesian consumers with app-based banking and credit features. Competes in the digital-first financial services segment in Indonesia.
• Indodana (Investree): Indonesian digital credit and BNPL platform serving underbanked consumers with installment-based products. Emerging peer in the Indonesian alternative credit space competing for similar financial inclusion customers.

Broad incumbents

• Visa: Global card network that Honest operates on. While Visa is a partner, its card-issuing programs and broader network capabilities make it a broad incumbent shaping the credit card issuance landscape Honest competes within.
• ShopeePay (Sea Group): Integrated e-commerce and digital wallet platform in Indonesia under Sea Group. Adjacent competitor in digital payments ecosystem that could expand into credit offerings targeting the same consumer segment.

Regional players

• Atome: Southeast Asia-headquartered BNPL fintech operating across Indonesia, Singapore, Malaysia, and other SEA markets. Regional peer offering installment-based credit products to similar consumer segments.
• OVO: Major Indonesian digital wallet and payments platform with potential to extend into credit products. Regional player in Indonesian digital finance that competes for the same mobile-first consumer demographic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/honestindo
• YouTubeyoutube.com/@HonestIndonesia
• Facebookfacebook.com/indohonest
• LinkedInid.linkedin.com/company/honestbank
• Instagraminstagram.com/honestindo
• TikToktiktok.com/@honestindo

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds8 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Honest