We paid out the first Rewards 💸

By Benoit Billington
#rewards App appdevelopment

We paid out the very first Cake Rewards! Our team is speeding up the game, as we aim to supply you with new features every week.

About a month ago the open beta of Cake became publicly available in Belgium on the App Store and on Google Play. 🍰

Although now everybody can download our app it still has the beta-label attached to it. And there’s a good reason for that. This label basically flags that we still feel that our app lacks core functionalities that are required to achieve our full potential (for example payments). The beta label gives our development team a safe environment to continue building more cool features. 🏗

This version is only the beginning of our journey to building the best independent banking app that makes your bank account profitable again! 💶 In other words, you can basically expect a lot more cool features in the weeks and months to come!

The best way to keep track of our progress is to check out our open roadmap. There, you can provide us with feedback on features while they are still in development, and help steer us in the right direction. 🧭 You can even add new ideas to our roadmap or vote on ideas of others.

Growing number of fans

Needless to say that since the app became publicly available for download our number of users got a boost. 🚀

We now have over 4.300 Cake users. This results in over 625.000 transactions for a total value of €194.524.835 👀💥

Welcome ING 🦁

As you might have heard the connectors provided by the banks (the so-called API’s) which should enable us to link existing bank accounts to Cake differ tremendously between banks 🏦. Even though all banks should have been ready by mid-September last year, we noticed that a number of them still don’t offer usable API’s that we believe to be of sufficient quality.

In order to put more pressure on the banks to comply with the PSD2 regulation, we even decided to join forces 🤝 with other start-ups by starting the A78 interest group.

But slowly and steadily we are making progress and we are happy to announce that since last Friday ING bank accounts can get connected to Cake! 🎉 This resulted in the connection of about 200 ING accounts just over the weekend. We are so happy we can now finally welcome the ING clients in the Cake family. 🤗

The connection flows however are still in an experimental phase. In particular we’re noticing that the different flow to add your accounts are not working for all users. If you’re facing the slightest issue, please chat with us in the app. 💬

Unfortunately we still can’t support banks such as BNP Paribas Fortis and Argenta 😩 but the list of supported banks is getting longer and we keep working on it! Our current estimation is that we’ll be able to add Argenta next week.🤞

Making bank accounts profitable again 💸

We are happy we paid out the very first Cake Rewards during the past month!💰 Up until now over 300 IBAN account numbers have received Cake Rewards. The average Reward per IBAN, just until now, is €1,15. This amount will undoubtedly increase in the coming weeks.

This first payout was a huge thing for us as it not only kicks our business model into action 🚀 but it also allows us to live up to our promise to make bank accounts profitable again.

The Rewards that have been granted until now are the special offers from our commercial partners. They target anonymous Cake users with cashback Rewards. You might have seen in the past few weeks offers from AVA, Foodmaker, Lukoil or other partners.💰

But Cake also sells fully anonymised statistics and insights to commercial partners. These insights are based on the transactional data of the Cake users. Don’t worry, all these insights are fully anonymised!🕵

When your data is used in generating these insights, we share a portion of the generated revenue with you. Those Rewards will be paid out monthly without you doing anything special, just being a Cake user. 🍰

We are onboarding the first commercial partners for these insights and we are currently developing the pay-out of the first “data-dividend-Reward” (we will come up with a better name, we promise 🙏).

This is how Cake will make your bank account profitable again!

More partners, more Rewards

The growing number of users and connected bank accounts helps us in our negotiations with potential commercial partners.

The higher the number of anonymous transactions that fuel the Cake transactions database the more we are able to create actionable insights and statistics for the commercial partners.📊

And the more commercial partners, the more Cake earns. And when we earn, you as a Cake user earn as well. That’s how it works!

When we get a cake, our users get half of it.🎂

What’s new?

Since the app became publicly available we have moved into smaller, much more frequent releases. Our team is speeding up the game, as we aim to supply you with new features every week.👷‍♂️

During the past weeks we have added the following features👇:

  • 🖋 The “email/password sign-in“. This feature enables you to sign-in to Cake using your email address (and a complex password of choice).
  • 💡Interesting financial tips, tricks, articles or news related to Cake.
  • 🔐 A set of enhanced “security features“. These features will allow you to lock and protect your Cake app: biometric unlock, automatic lock after a specified period, automatic lock on exit, and screen overlay protection.
  • 👏 An extensive set of stability improvements you reported.

Thank you for all this feedback, and please… don’t hesitate to come and chat with us in the app to share issues you identify.

Up next

In the next month, we will be adding more reports (combined insights in the finances of our users) and allow users to configure proactive transactional push notifications. We will additionally revise the transaction feedback process, making it easier for Cake users to enrich the transaction data.

📈 There are plenty additional reports and insights that are on the open roadmap. The idea is to extend the dashboards and allow you to look at your financial life from a lot of different points of view.
The cashflow insight is planned for next week’s release:

👉 Send push notifications when receiving money.

🙋 We really underestimated your desire to help us enrich your data. This sparked us to redesign the feedback engine. In the new version, you will be able to enrich your own data in realtime.

On our roadmap you can find a long list of other features that we didn’t even mention in this product update.

And do let us know when you have ideas on how we can improve Cake in the future. Share it with us. Submit it. Vote on existing ideas, and join the discussion.

Thank you for following us on our journey 🙏. We will continue to give regular transparent updates on the development of Cake, so keep following us on Twitter, Facebook or LinkedIn.

And of course, we will certainly also post it here! 📌

Download the app and enjoy your Cake! 🍰

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