The Belgian banking app Cake, a bank-independent app that enables users to link multiple accounts from different banks for a complete overview of their finances, is entering the Dutch market.
The ambition of the ambition of the expansion to the Netherlands is a first major international step in making the expansion of every European of greater value.
In exchange for cashbacks, users give Cake permission to use their transaction data in a bundled and anonymized way for transactions. In addition, active users also receive a share of Cake’s revenue from the app.
The moment a consumer links his or her to Cake, the app can run and categorize all income and expenses. For example, the app makes up what users spend on clothing, food and insurance, but also how much was saved and what the available budget is. A second functionality of the app is that Cake can give users an automatic cashback in the form of money via commercial partners.
Since its launch, Cake has paid out $539,024 in Cake Rewards to users, which equates to an average of $2.26 per user per month.
At the beginning of 2020, the Cake banking app was launched on the Belgian market. For a year and a half, the app has had 121,291 users in Belgium and there have been more than 151 million transactions with a total value of more than 36 billion euros through the app processed.
Cake will face competition from next week, when Proximus and Belfius announce their electronic banking application Banx at Proximus’ head office in Brussels.