Outstanding digital-only bank in Vietnam, with the highest growth and effectiveness
By leveraging the Mambu platform, CAKE achieved a rapid 74-day deployment, showcasing robust scalability and driving impressive growth
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- days from MVP to launch
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- million customers to date
CAKE
About the customer
Launched in 2021, Cake Digital Bank offers a wide range of personal financial services, including payments, savings, loans, investments, BNPL, and credit cards, tailored for Gen Z and Millennials.
With its “Easy-as-Cake” approach, Cake provides a fast and convenient experience. Customers can open accounts, transfer money, and pay bills in just seconds. Supported by a strong network of partners across various industries, Cake is becoming a one-stop shop for all financial needs, making steady progress in winning the market.
In 2025, Cake was named Best Digital Bank in Vietnam by The Asian Banker and earned a spot on TAB Global’s list of the World’s Top 100 Digital Banks.
The challenge
Bridging the banking gap in Vietnam
Initially, Cake offered limited financial services through its app. Recognising a significant gap in the market for a full-service digital bank catering to Vietnam's tech-savvy Gen Z and Millennials, as well as underserved customers—Cake aimed to improve access to financial services.
To achieve this, Cake sought a flexible and scalable cloud banking platform to support rapid growth and the development of a comprehensive suite of digital banking services, all as part of its vision to become a Next GenAI Bank.
“In order to provide a superior customer experience we needed to enable the rapid launch of flexible and unique products. We selected Mambu's cloud banking platform as it provides many innovative and versatile solutions in the market.”
- Nguyen Huu Quang, CEO of Cake Digital Bank
The solution
A core banking system made for scale
Cake selected Mambu’s cloud-native SaaS platform as its new technology foundation. Underpinned by Amazon Web Services (AWS), Mambu’s flexible and scalable architecture aligned with Cake’s rapid growth ambitions.
Mambu completed the core banking replacement project for Cake in record time. This swift implementation empowered Cake to offer a wide range of personal banking including deposit and checking accounts and savings, allowing new customers to open a bank account in just two minutes using a mobile phone.
The results
Fastest-growing digital bank, now profitable
Mambu enabled Cake to go from MVP to market in just 74 days, setting a new benchmark for rapid deployment in Vietnam’s financial sector. This speed-to-market, combined with Mambu’s cloud-native flexibility, supported Cake to scale seamlessly and introduce a fully digital banking experience tailored to Vietnam’s consumers.
Since launching in 2021, Cake has become Vietnam’s outstanding digital-only bank and is now positioned to lead as a Next GenAI Bank, reaching 5 million customers by 2025.
In just 3.5 years, it achieved a major milestone, becoming the first digital-only bank in Vietnam to turn to a profit in the highly competitive fintech market.
- 80% retention for transactional, 95% for financial product users
- Top 100 Digital Banks Worldwide & Best Digital Bank in Vietnam 2025
Powered by Mambu’s cloud banking platform, Cake has built a scalable, future-ready model. With a strong tech foundation and customer-centric strategy, it is set for further growth in Vietnam’s digital economy.
“Like Cake, Mambu is nimble and agile, and we are excited about the potential of what our two tech-focused businesses can do together.”
- Nguyen Huu Quang, CEO of Cake Digital Bank
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