HOCHIMINH CITY, Vietnam, Dec. 11, 2024 (GLOBE NEWSWIRE) — Cake Digital Bank has become the first digital-only bank in Vietnam to achieve profitability after 3.5 years of operation. With a diverse range of banking products and a strong brand appeal, Cake has become popular among Gen Z and young Millennials.
Launched in 2021, Cake has seen remarkable growth with the number of customers surging from 3 million in the first two years to 4.1 million in 2023 and reaching nearly 5 million by 2024. This growth trajectory highlights Cake’s robust market penetration and strategic initiatives.
The revenue generated from each customer increased to US$12 in 2024, up from US$4 in 2023, reflecting enhanced customer engagement and increased transaction values. In addition, Cake’s payment transaction volume soared to US$4.7 billion in 2024, demonstrating more than 100% growth from US$2.2 billion in 2023.
Furthermore, Cake processes an impressive average of 400,000 credit applications monthly. The bank enjoys a customer retention rate of 80% for transactional users and 95% for financial services users, underscoring customer loyalty and satisfaction.
As a result, Cake has achieved profitability after only 3.5 years of operations, propelling it towards being among the top 5% of profitable digital banks worldwide.
“We’re proud to have attained the profitability milestone while remaining committed to providing comprehensive digital banking experiences for everyone. Moving forward, we’ll continue to focus on sustainable growth, aiming to make Cake the most trusted digital bank in Vietnam,” said Mr. Nguyen Huu Quang, CEO of Cake.
One key to Cake’s success is its strategic mix of financial products and advanced technology use. By embedding finance into various sectors such as retail, transportation, and entertainment, Cake has established itself as a primary choice for young consumers seeking convenient banking services.
Convenient cashless payment via Cake Digital Bank has become familiar to Vietnamese youth
Leveraging AI technology, Cake continually enhances its offerings to provide an easy-to-use and easy-to-access banking experience, effectively catering to changing market demands and living up to its slogan, “Easy as Cake.” With comprehensive services, Cake efficiently serves the financial needs of Vietnam’s underbanked and underserved populations, thereby promoting financial inclusion.
Amid the rising trend of digital banking in Vietnam, Cake is well-positioned to capitalize on growing demand from both local and regional customers, setting the stage for ongoing growth and innovation in the industry.
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