HOCHIMINH CITY, Vietnam, Jan. 13, 2026 (GLOBE NEWSWIRE) — January 12, 2026, marks the fifth anniversary of Cake Digital Bank, which has reached 6.2 million customers, USD 13 billion in cumulative transaction value, and earned recognition among the Top 100 World’s Leading Digital Banks 2025 – underscoring the rapid rise of this “Made in Vietnam” Next-Generation AI Bank.
Statistics of Cake’s growth over the years
From a Fintech Newcomer to a Leading Digital Bank
Launched in January 2021, Cake entered Vietnam’s fintech ecosystem with the ambition of building a digital-only bank that offers simple and accessible financial services. Amid the wave of digital transformation at the time, digital banking was still relatively new to consumers. Although many fintech companies experimented with this model, a significant number of digital banks quietly disappeared. According to Boston Consulting Group, only 13 of nearly 250 digital-only banks worldwide were profitable by the end of 2021.
Against this backdrop, Cake demonstrated strong momentum. After only eleven months of operation, the bank reached one million users by the end of 2021, a notable achievement even compared with long-established traditional banks. While changes in financial behavior during the COVID-19 pandemic supported adoption, Cake’s growth was primarily driven by timely market entry and a strong focus on user experience.
Growth continued in subsequent years. By the end of 2024, Cake was serving five million customers, recording approximately USD 400 million in transaction value in savings deposits, and recording USD 5 billion in total transaction value. Most notably, Cake became the first digital-only bank in Vietnam to achieve positive EBITDA within just 3.5 years. Operating profit increased sevenfold year over year, EBITDA quadrupled, and average revenue per user tripled. Globally, digital banks take an average of eight years to reach break-even, and only around five percent succeed, making Cake’s early profitability a strong indicator of sustainable growth.
Differentiation Through a Strong Commitment to Digital-only Banking
A key differentiator for Cake lies in its commitment to being digital-only bank from inception. Cake is independently built and owns its entire technology platform under an AI-first philosophy. It remains the only bank in Vietnam to fully develop and control both its core banking system and core card platform. This ownership enables faster product launches, greater operational flexibility, and a level of innovation that is difficult to replicate.
Human capital is another critical advantage. With a fully Vietnamese team, from leadership to technology and AI engineers, Cake possesses profound understanding of local customer behavior and market dynamics. In parallel, Cake has leveraged ecosystem partnerships effectively and gradually expands its partner network to create multiple customer touchpoints.
Today, Cake provides one of the most comprehensive product portfolios among Vietnam’s digital banks. Meanwhile, for Millennials and Gen Z, Cake offers more than convenience and smooth digital journeys. With only a smartphone, internet access, and a national ID, users can access a fully digital financial ecosystem in some of the simplest, most seamless, and secure ways.
Cake serves 6.2 million customers nationwide
2025 – Strong Growth in Scale and Operational Efficiency
Cake now serves 6.2 million customers, processes around one million credit applications per month, records strong growth in retail deposits, and has accumulated USD 13 billion in total transaction value. In the first nine months of 2025, total operating income increased 225 percent, while operating expenses rose only 83 percent. In the third quarter alone, profit quadrupled year on year, and EBITDA increased by dozens of times compared with 2024.
Cake is also one of Visa Vietnam’s most effective fintech partners in credit card growth, receiving awards for leading digital partnership.
Beyond financial performance, Cake has continued to invest heavily in technology. According to CEO Nguyen Huu Quang, owning the technology infrastructure is essential for building customer trust and long-term resilience.
Until now Cake is widely regarded as a pioneer in AI adoption within Vietnam’s financial sector. The bank has developed and deployed more than one hundred AI models. AI is embedded throughout the customer journey, enabling cost optimization and productivity gains, supported by hundred AI-powered virtual employees operating continuously.
Furthermore, it has built a specialized Vietnamese large language model for banking. Its LLM ranks among the top Vietnamese fine-tuned models on the VLMU leaderboard and has received international recognition at Interspeech 2025.
Product innovation remained strong in 2025, with the launch of AI-powered instant transfers that accept images such as screenshots or invoices, and early adoption of major contactless payment methods including Apple Pay, Google Pay, Garmin Pay and Click to Pay.
In August 2025, Cake launches the two-in-one credit card, integrating debit and credit functions on a single card. This product reflects a shift toward simpler and more flexible financial experiences.
Security remains a core pillar, with Cake meeting stringent standards such as ISO/IEC 30107-3 Level 2 biometric certification, ISO/IEC 27001 2022, and FIDO2 passwordless authentication.
Looking ahead, the bank aims to become one of the most effective AI banks in Southeast Asia within the next three to five years. As the digital banking market enters a consolidation phase, Cake is prioritizing efficiency, sustainability, and scalable operations over rapid growth. By strengthening risk management, standardizing processes, and deepening AI capabilities, Cake is building long-term competitive advantages. In a competitive fintech landscape, Cake emphasizes trust, discipline, and operational excellence as the foundation for sustainable growth.
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