The Belgian banking application Cake is coming to the Netherlands, and it is an app that can collect accounts from different banks. Cake works independently of these banks, and there is a system that allows you to earn money back on your purchases. To do this, the app works together with commercial partners.
Banking app Cake
In Europe, the so-called PSD2 legislation applies, which makes it possible for banks to exchange bank details with third parties. Such a sweeping new law enables many new applications, one of which is the Cake banking app. In that app you can add bank accounts of all kinds of different banks and you can transfer money or monitor the balances and expenses.
Cake has more than 120,000 users in Belgium, but the app is now also expanding to the Netherlands. In addition to the possibility to add accounts from different banks, this app pays back your purchases for a part. Cake works with a range of commercial partners and refunds you a portion of the purchase price in the form of Cake Rewards. Since its launch in 2020, Cake has paid out about 539,000 euros in Rewards, which is an average of 2.26 euros per user per month. There is a downside, however, because in exchange for the Rewards, users give Cake permission to anonymously use their transaction data for commercial purposes.
Overview of expenses
Cake does even more, because the app can also make your expenses more clear. She uses this to divide all your purchases into categories, and you can see that in one handy interface how much you spend per month on, among other things, clothing, food and fixed expenses. You also see how much has been saved and what the available budget is.
“The Netherlands has a strong innovative start-up culture and a great interest in emerging fintech start-ups”, notes David Kestens, the founder and CEO of Cake. “Our expectation is that we will be able to enthuse many Dutch people for Cake.” Cake works in our country with a number of local partners such as the VanHaren shoe chain.
What do you think of this banking app. Would you like to have all bills and expenses in one handy overview? What do you think of the Rewards cake? Is it convenient, or don’t you think it’s a good idea to share your transaction data anonymously with Cake partners? Let us know in the comments at the bottom of this article.