Cake will focus entirely on Cake for Banks and Cake for Business from February 2022 onwards. This means the Cake app will disappear.
As of February 2022, the Cake app will disappear.
It is no more. Sadly, this is not an early April fool’s joke.
We are really sorry to disappoint you, the fans, and users of the Cake app.
This is a well-considered decision. As a start-up, we constantly seek out the ideal product-market-fit. Right from the beginning, we opted to take a flexible approach that keeps us in touch with the developments in the market.
As of our launch, we took a hit from the delayed implementation and restrictions of the European PSD2 regulations. For example, the legal requirement that you must reconnect your account to the app every 90 days. This is irksome for you as a user and also makes it difficult for us to maintain user loyalty for the app.
On top of that, barely six weeks after the Cake app was launched, the coronavirus crisis forced an important group of our commercial partners, the retailers, to close their shop doors. And they were also not open to collaborating in those uncertain times.
This made it difficult for us to rapidly grow the number of users and make Cake self-sustaining.
But for Cake as a company, there is also good news.
Last summer, we launched Cake cashbacks in the Argenta app under the name ‘Mooi Meegenomen van Cake’‘. This was an immediate success and led to a significant increase in the number of Cake cashback users. And this in turn led to increasingly more companies partnering with Cake for the cashbacks.
After this successful launch at Argenta, our Cake for Banks solutions proved to meet a high demand in the market. From banks, bank customers, and commercial partners.
We have decided to team up with Truffle Capital, an investor who believes in Cake’s potential to establish even more partnerships with European banks. Therefore, we are discontinuing the Cake app and from February onwards we will be fully focusing on partnerships with banks and cashbacks with merchants.
So the Cake cashbacks will continue to be available in existing banking apps, such as Argenta’s.
We look forward to the future with a renewed recipe, and full of confidence, and will continue to work on our European expansion in the years to come.
We would like to thank you sincerely for your enthusiasm and feedback.
You ‘made’ Cake with us, and we are eternally grateful for that!
We understand that you may have practical questions. So, we will try to answer them below to the best of our ability.
How long will the app be available?
The Cake app remains available until 31 January 2022.
Until then, you can continue to view your income and expenditures and take advantage of Cake cashbacks.
We want to give users enough time to switch over to another budget monitoring app should they want to.
Users who are Argenta customers can also activate ‘Mooi Meegenomen van Cake’ in the Argenta app and continue to benefit from the Cake cashbacks. More info.
New users who still want to try the app or enjoy cashback discounts can also install and use the app until the end of January.
What about the Rewards I have already earned in the app?
Until 31 January, everything remains unchanged for your account(s) linked to the app:
- All Rewards you earn will be immediately paid into your account as soon as the amount exceeds €1 for the relevant account.
- You can also continue to view your income and spending, make use of the ongoing cashbacks, and even earn new Cake cashbacks.
What happens to my data when the app is closed?
At the time the app is closed down, all user profiles will be deleted, and all data erased as described in our general terms and conditions.
Will you continue to work with Argenta?
Mooi Meegenomen van Cake was successfully integrated into the Argenta app last summer. Nothing changes for Argenta customers. The range of cashback partners is constantly expanding.
Cake users with an Argenta account can activate the Mooi Meegenomen van Cake service in the Argenta app and continue to benefit from Cake cashbacks. More info.
My account is no longer linked to the app. Does it make sense to link them again?
Yes, absolutely. Until 31 January, you can continue to view your income and expenditures in the app. And you can also continue to take advantage of ongoing and even new Cake cashbacks.
Do I have to delete the app myself?
You may do so, but it is not required. On 1 February, we will delete all Cake user accounts and all data.
I earned Rewards that have not been paid out yet. What should I do?
If your account is linked to the app, all new Rewards you earn will be paid immediately into your account as soon as the amount exceeds €1 for the relevant account.
If you no longer have an account linked to the app, all you have to do is once again link the account you used to earn the Rewards to the app. Rewards amounts higher than one euro are paid out automatically. Afterwards, you can disconnect again from your account, or we will do so on 1 February.
After January 31, you will not be able to claim any outstanding Rewards. We cannot pay out amounts smaller than €1.
Can I download my data from the app?
Unfortunately, this is not possible. The current PSD2 regulations unfortunately do not allow us to set this up in a user-friendly and usable (readable and with Cake categorization) way. We can’t export the data because it’s under your bank’s security.
Do you have any questions?
Then contact us using the app chat feature.