Cake is an independent banking app launched in 2019 by Belgian tech entrepreneur Davy Kestens. Cake allows consumers to get a better grip on their income and expenses by linking multiple bank accounts within the same app.
“What makes Cake unique is that it allows users to earn something extra thanks to our reward system,” explains Pieter Schelfhout, Co-founder and Head of Engineering. “Every time you purchase something from one of our partners, you automatically get a part of it back into your account. We also share a piece of our revenue with our customers every month. Your own slice of the cake.”
Going for a bank aggregator
To get account information into the banking app, Cake didn’t want to make a connection with each bank separately. They opted for an aggregator. “During our search for the appropriate partner, it became clear pretty quickly that Ibanity had the right expertise to guarantee Cake’s launch. They work according to the same philosophy with a focus on action and delivery and that was the deciding factor for us.”
The future for Cake
“We are actually just at the beginning of Cake’s mission and what our app will be in the future. We want to give our consumers even more tools to get a grip on their budget,” says Pieter. The future for banking app Cake looks pretty sweet. For example, the company is starting to develop new insights so that in the future customers can compare their income and spending with others who have a similar profile.
Pieter adds: “It is very interesting for us that Ibanity is part of Isabel Group, a large, stable organization. They have good relationships with the financial sector and that allows Ibanity to quickly develop new products or gain accesses that can support Cake’s growth within Europe.”