Safety First: how we handle your data

Every day we are all flooded with requests to give permission for cookies and to receive mailings. We are chased by personalized ads and social media posts as we move online. How does Cake handle this?

Your data are yours and yours only

You are the sole owner of your bank details thanks to to the European PSD2 regulation. Until recently, the banks had the exclusive right on payment transactions. In order to break the dominance of the banks, Europe has partly shifted the control of the bank data from the bank to the customer.

So now European consumers can ask their bank to share their data with other companies, like us. After all, it’s your data that matters and that’s up to you to decide.

Because it concerns bank data, an extra security has been built in and banks are only allowed to pass on data to companies that have obtained a licence from the financial supervisor. In Belgium this is the National Bank of Belgium (NBB).

Cake received such a licence from the National Bank of Belgium (NBB) on 9 July 2019.

The security of the data of the Cake users is our highest priority. That is why we use very high security standards. We work together with specialised companies that do almost nothing but make links between us and your bank. These companies are also subject to strict supervision to make sure nothing goes wrong. We call these companies PSD2 Aggregators.

Your identity and data are locked

If you link your current account(s) to Cake, you give us access to some of your data, like:

Identity information: we first ask for the surname, first name and date of birth of our users. This information is stored in Cake’s secure database.

Transaction information: this is information about the linked bank account (number, currency, transaction information, …).

The first thing we do is disconnect your identity data from your transaction data. These are stored separately in encrypted databases.

In this way, the transaction data is made anonymous. And those anonymous data are merged with those of all other Cake users, and that’s what we start working on to create statistics.


This processed data is used to advise you on your spending behaviour.
For example, we will tell you where you spend more or less compared to others, how you can save and even how you can earn extra money. Cake acts as a digital financial butler who helps you with your budget.

The statistics and insights are based on the data of all Cake users and are also made available to Cake’s commercial partners. They pay for this because it gives them a better view of their market, customer segments and competitors. Insights that they use to improve their product or service.

Because the transaction data are disconnected from the identity data, Cake guarantees that commercial companies will never be able to trace the identity of the users.

Cake users get a share of the cake

We believe that the Cake users are entitled to have a share of the revenues gained from commercial companies. These are the Cake Rewards. After all, it’s all about your data and they have value. That’s the share of the cake that belongs to you.

Would you like to read all this in more detail? Here you can read our privacy policy.

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