Cake became the first digital-only bank in Vietnam to become profitable, reaching this milestone three and a half years after its establishment.
The digital bank attributes its success to strong growth, with revenue per user tripling since 2023 and reaching USD 12 in 2024.
cake currently serves nearly 5 million customers and processes an average of 400,000 credit applications each month.
The company has focused on sustainable growth by meeting the needs of its target audience with a wide range of financial products and services available.
Cake leverages technology, specifically AI, to personalize its services and streamline its operations.
This approach helped to double payment transactions, reaching USD 4.7 billion in 2024.
Additionally, Cake reports high customer retention rates of 80% based on transaction frequency and 95% based on financial engagement.
To build a comprehensive financial ecosystem, Cake has established partnerships with companies in various sectors such as ride-hailing, telecommunications, and entertainment.
Nguyen Phu Quang, CEO of Cake, said:
“Cake Digital Bank’s significant profitability milestone reflects our unwavering commitment to innovation, customer-centric service, and sustainable growth.
The dedication of our team and the trust of our customers were critical to achieving this milestone goal. As we look to the future, we remain resolute in driving financial inclusion and delivering a great digital banking experience for everyone. ”
