Cake, a new Truffle Investment
French fintech VC Truffle Capital leads new capital round supported by early-stage investors
January 13, 2022 – Backed by the capital raise, Belgian startup Cake is writing the recipe for the future: independent banking app Cake will disappear from February 2022 and make way for European expansion with services aimed at retailers and brands (via Cake for Business) and banks(via Cake for Banks).
Appealing marketing platform for businesses Cake for Business is firmly established in Belgium. The marketing platform that allows retailers and brands to offer cashback discounts in a targeted way to segments of consumers, based on their historical purchasing behavior, is running at full speed. There are now more than 100 commercial partners, including Schoenen Torfs, JBC, Veritas, Deliveroo and Lukoil. Belgian consumers have already earned over 800,000 euros in automated cashbacks through the Cake platform, including 125,000 euros in December 2021. In addition to this ability to offer cashback discounts to consumers, Cake also provides market insights to brands and companies based on the anonymized processing of consumer purchases behavior.
Cake for banks Since its launch in early 2020, just before the corona crisis, Cake has continued to reinvent itself. The challenges associated with the implementation of PSD2 regulations were met by directly implementing Cake cashbacks into existing banking apps. This led to the launch of Cake for Banks at the beginning of last year. With this, Cake offers European banks plug and play solutions to integrate their cashback module into their own banking apps within a matter of weeks. This enables banks to offer an additional service to their customers, differentiate themselves from competition and generate a new revenue stream on top of their existing business model by taking a commission on each cashback. Cake hereby takes care of the cashback offering and the administrative handling of it with the commercial partners. The first integration into an existing banking app was completed by early August. Under the name "Mooi Meegenomen van Cake", all customers aged 16 and above of banking and insurance group.
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