Cake has become the first digital-only bank in Vietnam to achieve profitability, reaching this milestone 3.5 years after its launch.
The digital bank attributes its success to strong growth, with revenue per user increasing threefold since 2023, reaching US$12 in 2024.
Cake now serves nearly 5 million customers and processes an average of 400,000 credit applications each month.
It has focused on sustainable growth by meeting the needs of its target audience with a wide range of accessible financial products and services.
Cake leverages technology, particularly AI, to personalise its offerings and streamline operations.
This approach has contributed to a doubling of payment transactions, which reached US$4.7 billion in 2024.
Furthermore, Cake has reported high customer retention rates, with 80% based on transaction frequency and 95% based on financial engagement.
To create a comprehensive financial ecosystem, Cake has established partnerships with businesses in various sectors, including ride-hailing, telecommunications, and entertainment.
Nguyen Huu Quang, CEO of Cake said,
“Cake Digital Bank’s significant profitability milestone reflects our unwavering commitment to innovation, customer-centric services, and sustainable growth.
Our team’s dedication and customers’ trust have been pivotal in reaching this landmark. As we look ahead, we remain steadfast in advancing financial inclusion and delivering exceptional digital banking experiences for all.”
