CAKE DIGITAL BANK ACHIEVES PROFITABILITY IN 3.5 YEARS, POISED TO JOIN THE TOP 5% OF PROFITABLE DIGITAL BANKS WORLDWIDE

HO CHI MINH CITY, Vietnam, Dec 12 (Bernama) -- In just three and a half years, Cake Digital Bank has navigated the challenges of Vietnam’s fast-evolving banking sector and achieved a major milestone: profitability. This achievement places Cake among a select group of digital banks worldwide, proving that a commitment to innovation, technology, and a customer-centric approach can drive remarkable growth and success in a highly competitive market.

Cake Digital Bank’s growth has been impressive. In 2024, revenue per user reached US$12, a threefold increase from US$4 in 2023. Customer acquisition surged by over 60%, from 3 million in its first 2 years to nearly 5 million in 2024, reflecting the bank’s growing market appeal. Cake processes an average of 400,000 credit applications each month—an impressive feat for a digital-only bank in Vietnam. Payment transactions have more than doubled, reaching US$4.7 billion in 2024, up from US$2.2 billion in 2023. The increase in transaction volume underscores Cake’s expanding market share and the trust customers place in its services.