Two Visionaries, One Honest Revolution
In early 2023, a dynamic duo in Jakarta, Indonesia, launched Honest Bank to redefine the world of financial services. Peter Panas, Co-Founder and Commissioner, and Will Ongkowidjaja, Co-Founder and President Commissioner, saw the immense potential of fintech to drive financial inclusion but recognized how traditional banking often fell short in transparency, accessibility, and speed.
They set out to create honest, innovative financial products that solve real-world challenges, from credit access for underserved communities to seamless digital payments. Headquartered in Jakarta with a growing footprint across Southeast Asia, their efforts have propelled Honest to become Indonesia’s fastest-growing credit card issuer.
Featured in regional fintech spotlights and backed by a landmark $100M equity funding round in 2025, this is the story of their bold vision, gritty journey, and mission to make finance fair for all.
Peter Panas: The Product Visionary
Peter Panas, Honest’s co-founder and a driving force behind its product innovation, is a seasoned fintech leader with a track record of building blockbuster credit solutions. Before this, he was VP of Product Management at Goldman Sachs, where he led the Apple Card, the fastest growing credit card in U.S. history, as well as the Mission Lane Card—the first credit card fintech to reach unicorn status.
Frustrated by opaque banking practices that excluded millions, Peter envisioned a system where technology makes finance intuitive and inclusive. With an MBA from UCLA and a BS in Computer Science from Minnesota State University, his expertise in user-centric design propels Honest toward products that prioritize simplicity and trust, earning him acclaim as a fintech trailblazer in Asia.
Read also- Cracking AGI with Just 1,000 Examples? Meet Sapient Intelligence
Will Ongkowidjaja: The Strategic Investor
Will Ongkowidjaja, co-founder and President Commissioner of Honest, is the strategic powerhouse blending investment savvy with entrepreneurial grit. An entrepreneur and investor, he co-founded Alpha JWC Ventures, Indonesia’s leading venture capital firm, after stints as a Director at UBS Investment Bank and a consultant at McKinsey & Company.
Will spotted the gaps in Indonesia’s credit market—high rejection rates and slow approvals—and aimed to build a platform that approves over 90% of applicants while maintaining fairness. Holding an MPA from Harvard as an Edward S. Mason Fellow, an MBA from UCLA, and licenses as an Underwriter and Broker Dealer in Indonesia, his global perspective guides Honest’s expansion. Outside work, his passion for education and health, plus his Spartan race competitions, fuel his relentless drive.
The Spark: Aiming for Honest Finance
Honest Bank ignited when Peter and Will connected in Jakarta’s vibrant fintech ecosystem. After endless strategy discussions, they finally concluded that, however much the potential for digital banking could revolutionize access to finance, the reality was generally quite the opposite – it was complex or biased, leaving millions of Indonesians without reliable access to credit.
Encouraged by hearing the stories of people rejected for a loan and frustrated with the slow pace of the traditional banking industry, they committed to creating tools powered by Artificial Intelligence that would allow people to be easily approved, with fully understood reasons for approval, and easily access the funds. They weren’t just looking for profits; they wanted to empower small businesses, the next generation of professionals, and family or friends in rural communities. This bold vision – of a finance platform that treats everyone with respect – was the genesis of Honest Bank.
Early Days: Building from Scratch
Starting Honest was a challenge in itself. The two began in a small office in Jakarta, prototyping digital credit products on bootstrapped budgets. With a small team of 20 to 30 engineers and designers, they concentrated on core functionalities such as the Honest Card. Peter defined the user experience, Will managed the partnerships, and the two of them iterated endlessly.
Early prototypes had bugs in approval algorithms, but pilot tests with beta users identified quick fixes. Every breakthrough, such as a one-click mobile onboarding process, they gained momentum in the market controlled by vintage banks.
Crafting the First Smart Products
The debut product from Honest, the Honest Card, was created on laptops in a busy co-working space. Peter built code for seamless digital wallets and credit limits catered to the user needs, using his Apple Card experience. Will provide scalability for the variegated Indonesian market, spanning urban millennials to island entrepreneurs.
Initial tests were encouraging—consumers enthusiastically supported the no-hidden-fees approach—but also revealed challenges such as connecting to local payment rails. They iterated and tested again and again—and learned quickly, transforming feedback into features that made banking feel personal and trustworthy.
Balancing Dreams and Hustle
In the beginning, neither could go all-in on Honest. Peter was juggling advisory roles in global fintech, and Will was running Alpha JWC commitments. They were spending their nights and weekends, frequently tired but invigorated by the potential. Skepticism loomed — could a startup disrupt Indonesia’s trillion-dollar banking sector? Their complementary skills—product innovation and strategic financing—kept them united, transforming late-night prototypes into viable realities.
Learning from Early Users
Convincing banks, merchants, and consumers to adopt a new credit card was tough. Many doubted a fintech could match established players’ security. The team demoed the Honest Card at startup meetups and SME forums, seeking raw input. These pioneers exposed flaws, like app navigation hiccups, helping sharpen the product. One early adopter, a Jakarta street vendor, praised the instant approvals, validating their inclusive approach one user story at a time.
Tough Times: Facing Big Hurdles
Honest’s path was riddled with obstacles: stringent regulations, funding droughts, and internal pressures. Each tested their resolve but forged a tougher team.
Navigating Rules and Doubts
The fintech required stringent regulations, from data privacy under OJK (Indonesia’s financial authority) to anti-fraud protocols. Honest audited extensively to ensure the lending was fair and the AI was unbiased. Trust needed to be established; Peter’s U.S. credentials opened doors with regulators, and Will’s local connections facilitated approvals. Obtaining the full banking license for Indonesia — the only fintech to do so— was a test of whether they could survive skepticism.
The Fight for Funding
Amid the SEA funding competition, they were grilled by investors on risks and timelines. Initial pitches drew nos, doubting scalability in a cash-heavy market. Will’s tenacity won early rounds, including a $17M seed in 2023 from Insignia Ventures and Orient Corporation. By 2024, a Series B extension reached $21.5M with Rakuten and Jetha. These victories led to hiring talent and upgrading tech.
Staying Strong Together
There were stumbles – algorithms malfunctioned, launches were postponed. Peter wrestled with product pivots, Will with investor scrutiny. But their twice-a-week huddles surfaced frustrations and devised solutions. Combining Peter’s tech chops with Will’s dealmaking turned challenges into opportunities, such as pivoting to co-branded cards that now roll out in weeks.
Big Wins: Moments That Shone
Honest was going into overdrive by 2025. Small triumphs turned into game-changing milestones, demonstrating their model could disrupt credit access.
From Tests to Breakthroughs
In mid-2024, the Honest Card rolled out nationwide, handling high-volume tasks like real-time approvals and rewards tracking. Its 90%+ acceptance rate and upfront fees were celebrated by its users, who were time-poor SME owners. Merchant partnerships expanded and feedback loops honed features, proving fintech could surpass banks in speed and fairness.
Funding and Fame
The October 2025 $100M equity expansion, led by MUFG Innovation Partners, with $40M debt from Mizuho Bank, was a game-changer. It fueled infrastructure for millions more users. Honest’s recognition as Indonesia’s fastest-growing credit issuer drew media buzz, spotlighting their unicorn ambitions and U.S. IPO plans by 2030.
Growing Across Southeast Asia
The Monopoly ecosystem of Jakarta raised Honest, but the unbanked masses of the SEA demanded more. They made the app local language-friendly for Bahasa and tailored it to local needs – offering micro-loans to farmers in Thailand or Singaporean expats. By 2025, Honest catered to users in Indonesia, Singapore, and Thailand, having keyed in on Vietnam and the Philippines.
Dreaming Bigger: Finance for a Fairer Future
Honest’s founders harbor grander goals: bridging financial divides, from rural remittances to urban wealth-building. Their vision? Tech that democratizes opportunity across Asia.
Beyond Today’s Banking
The Honest Card is step one. Next: AI-enabled products for predictive budgeting, climate-resilient loans and tailored savings. Their goal: Finance that anticipates needs, that scales effortlessly, and that serves the underserved more quickly than ever.
Powering Southeast Asia’s Boom
Inspired by SEA’s 650M+ population and digital leap, Honest adapts to local realities—from Jakarta traffic to Bali tourism. They keep costs low for small users via cloud tech and multi-language support. This regional focus primes them for global leaps, starting with an IPO.
Tips for Dreamers
Honest’s saga offers timeless wisdom. Pair deep expertise—product and strategy—for unbeatable synergy. Persevere through rejections. And obsess over users to craft what truly matters. Peter and Will prove bold ideas thrive on smart, steady execution.
A Journey Far from Over
The Honest Bank odyssey is one of daring foresight, unyielding hustle, and unbreakable partnership. Peter Panas and Will Ongkowidjaja exposed banking’s flaws and forged a fix. From gatherings in Jakarta to millions empowered across SEA, they show what can happen when innovators team up to tackle inequality. They’re a beacon for would-be founders: See the hole in the world, build a bridge to span it, and keep on. The journey of Honest is just starting, and the world wait eagerly for what next.
