Cake by VPBank

Name

Cake by VPBank

Legal name

Cake by VPBank

Website

https://cake.vn

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

Personal Credit Institutions (6141), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)

akta.pro secondary industries

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC), Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM)

Keywords

• Digital banking services
• Consumer lending products
• Mobile payment platform
• Cross-border remittance
• Buy now pay later

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: Interest income from consumer lending products including Vay nhanh (quick loans up to 50M VND, 2.3%/month on declining balance), ứng trước (overdraft/advance), and credit card balances. Loan products offered 100% online with 2-minute approval and 1-minute disbursement.
2. Credit Card Fees and Interchange: Revenue from credit card spending including interchange fees, annual fees (waived with spending conditions), and late payment fees across multiple card variants (Cake Freedom, Be Cake, VieON Cake, Cake 2in1 Premium/Standard, Tự Do, Thú Cưng).
3. Deposit (Savings) Interest Spread: Interest spread from accepting customer deposits (Tiền gửi tiêu chuẩn, Tiền gửi tích lũy) and deploying capital. Savings rates competitive at 4.75% (1-3mo), 7.20% (6mo), 7.40% (12-24mo).
4. MWG PayLater Partnership Revenue: Revenue from MWG PayLater BNPL service where Cake provides exclusive credit capital and technology infrastructure to MWG's retail ecosystem.
5. Cross-Border Services (GlobalX): Fees from international remittance (GlobalX) and cross-border receivables services enabling Vietnamese digital entrepreneurs to receive overseas income.
6. Payment Services: Revenue from payment services including VietQRGlobal international QR payments, domestic QR payments, and other transaction-based payment services.
7. Insurance Distribution: Commission revenue from distributing insurance products including motor vehicle insurance (TNDS ô tô, TNDS xe máy) and loan protection insurance (OPES).
8. Investment Services (DNSE): Commission from stock investment integration partnership with DNSE on the Cake platform.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Cake by VPBank is a 100% digital-only bank operating entirely through its CAKE BANK mobile app, offering payment accounts, savings deposits, multiple credit card variants, instant personal loans, cross-border remittance (Cake GlobalX), and embedded BNPL credit infrastructure. The platform uses proprietary AI-first technology, in-house eKYC, and a distributed core banking architecture running on Google Cloud to deliver instant onboarding, 2-minute loan approvals, and AI-based credit scoring without income documentation.

Product overview

Cake by VPBank is a Vietnamese digital bank offering a comprehensive suite of financial products under an AI-first philosophy. The core platform comprises a digital-only payment account with integrated international remittance services (Cake GlobalX), multiple credit card variants (Cake 2in1 Premium/Standard, Cake Freedom, co-branded Be Cake and VieON Cake), and instant lending products (Vay nhanh, Ứng Trước, Ứng tiền nhanh). Supporting products include standard and accumulated deposit accounts, MWG PayLater BNPL (provided as credit infrastructure for MWG retail ecosystem), C-Ticket entertainment ticketing, DNSE stock investing integration, and motor insurance. The bank also offers merchant solutions including payment acceptance and merchant cards, plus cross-border receivables solutions for e-commerce sellers. Cake owns its entire technology platform with distributed core banking running on Google Cloud.

Differentiator

Problem solved

Functional benefit

Brands

• Cake Freedom: Credit card product offering cashback and rewards
• Be Cake
• VieON Cake
• Thú Cưng (Pet Card)
• Tự Do 2in1
• Cake GlobalX
• MWG PayLater
• CTicket
• BePayLater
• Cake Face Authen

Products and services

• Cake 2in1 Credit Card (Premium/Standard) A 2-in-1 debit and credit card combining a payment account with credit functionality, available in Premium and Standard tiers for Vietnamese consumers.
• Cake Freedom Credit Card A credit card offering cashback rewards, flexible payment options, and installment plans with premium healthcare benefits after probation, targeting Vietnamese consumers.
• Be Cake Credit Card A co-branded credit card in partnership with Be ride-hailing service offering installment options and rewards for users of the Be ecosystem.
• VieON Cake Credit Card A co-branded credit card in partnership with VieON streaming platform offering entertainment-focused benefits for Vietnamese consumers.
• Pet Debit Card (Thú Cưng) A debit card with pet-themed branding, globally accepted for online payments with lifetime free withdrawal and annual fee waiver for Vietnamese consumers.
• Vay nhanh (Quick Loan) An unsecured consumer loan processed 100% online with 2-minute approval and 1-minute disbursement; loan amounts up to 50M VND, terms 6-36 months, interest from 2.3%/month on declining balance. No income documentation or guarantor required, using AI-based credit scoring.
• Ứng Trước (Credit Advance) A credit advance feature allowing customers to access a portion of their credit limit for immediate spending with single bullet repayment.
• Quick Cash Advance Linked to Savings A quick cash advance loan linked to a savings account, providing short-term liquidity while maintaining the savings balance.
• Tiền gửi tiêu chuẩn (Standard Deposit) A standard savings deposit product with competitive interest rates (up to 7.40% p.a.), terms from 1-36 months, and flexible interest payment options for Vietnamese consumers.
• Tiền gửi tích lũy (Accumulated Deposit) A flexible savings product allowing multiple deposits with minimum 100K VND per transaction, supporting automatic weekly/monthly/daily transfers for disciplined saving habits.
• Tài khoản thanh toán (Payment Account) A digital-only payment account with account number matching phone number, 100% online account opening via eKYC, no account management fees.
• Cake GlobalX International Remittance International remittance service enabling users to receive money from abroad with same-day account credit; officially launched March 2026.
• Cake GlobalX Cross-border Receivables Bank-led cross-border receivables solution developed with Visa, enabling Vietnamese e-commerce entrepreneurs to receive overseas income from global platforms (Amazon, eBay, Etsy) with same-day settlement and transparent currency conversion.
• MWG PayLater BNPL service where Cake provides exclusive credit capital and technology infrastructure for MWG's branded PayLater offering. Available across MWG retail network (The Gioi Di Dong, Dien May Xanh, TopZone, AVAKids, An Khang Pharmacy). Features: no down payment, installments up to 24 months, up to 90 days interest-free.
• C-Ticket Vietnam's leading ticketing platform for entertainment events including concerts and sports; served millions of users during major ticket launches (G-Dragon, My Tam concerts).
• DNSE Stock Investing Integration Stock investing integration through DNSE, enabling Cake customers to access securities trading directly from the Cake platform.
• Motor Insurance (TNDS ô tô) Compulsory third-party liability insurance for cars, offered as an additional utility within the Cake app for Vietnamese consumers.
• Motorbike Insurance (TNDS xe máy) Compulsory third-party liability insurance for motorbikes, offered as an additional utility within the Cake app for Vietnamese consumers.

Quantifiable outcome

• 6.2 million customers reached in 5 years (January 2021 - January 2026)
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability7 records

Feature10 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• VisaflagshipStrategic or Co-development Partner · 11 February 2026Cake by VPBank partnered with Visa to develop Cake GlobalX, a bank-led cross-border receivables solution enabling Vietnamese online entrepreneurs to receive overseas income directly into their digital banking accounts. Features include same-day settlement and transparent currency conversion. Cake GlobalX officially launched in Q1 2026, positioning Cake as one of the first digital banks in Vietnam to offer fully integrated cross-border receivables on a regulated onshore platform. Also includes international QR payment capabilities (VietQRGlobal).
• MWG (Mobile World Investment Corporation)coreStrategic or Co-development Partner · 3 July 2025Cake partnered with Vietnam's leading retailer MWG to launch MWG PayLater, a branded buy-now-pay-later service. Cake serves as the exclusive provider of both credit capital and technology infrastructure. Service offers no down payment, installments up to 24 months, and interest-free periods up to 90 days. Available across MWG's nationwide retail network including The Gioi Di Dong, Dien May Xanh, TopZone, AVAKids, and An Khang Pharmacy, with expansion to online platforms. Builds on successful instant loan product launched in late 2024. MWG's first fintech product under its own brand.
• MambucoreTechnology or Integration · 1 January 2020Cake partnered with international cloud banking platform provider Mambu to deploy a live digital core alongside traditional systems. Mambu is used as the core banking platform enabling modular architecture and faster product rollouts as part of Cake's fundamental transformation from legacy systems. Cake was among digital pioneers (alongside TNEX and Timo) since 2020-2021 that deployed Mambu's cloud banking platform.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• WeBank: China's largest digital-only bank serving Tencent ecosystem users with AI-based micro-lending. Relevant benchmark for AI-first, mobile-only consumer banking at scale in Asia.
• Kakao Bank: Korea's leading mobile-only digital bank with AI-driven underwriting and a large retail deposit/lending base. Comparable as a profitable AI-first digital bank benchmark in Asia.
• Techcombank: Top-tier Vietnamese private bank with significant digital push and affluent consumer base. Comparable as a wide-portfolio incumbent competing for the same digital-first customer cohort.
• MB Bank (MBB): One of Vietnam's leading commercial banks with strong digital and retail banking franchise. Competes with Cake for the same digital consumer base via its MBBank app and partnership-driven ecosystem.

Direct peers

• TNEX: Vietnamese digital-only bank launched around the same period on Mambu's cloud core, targeting digital-savvy consumers with mobile-first banking and lending. Closest direct peer by business model and customer segment.
• Viettel Money (ViettelPay): State-backed Vietnamese e-wallet/payment platform with broad consumer reach and digital financial services. Comparable consumer-facing digital wallet and payments infrastructure.
• ZaloPay: Vietnamese consumer e-wallet and payment app from VNG. Competes in the same mobile-wallet and consumer payment category as Cake, with overlapping customer base.
• MoMo: Vietnam's largest e-wallet/super-app, offering consumer payments, savings, credit and insurance. Comparable in customer scale, digital wallet infrastructure and consumer credit distribution.
• Timo (by BVIM): Vietnamese digital bank (now by BVIM, formerly by VPBank) offering mobile-first banking, savings and payments to consumers. Directly comparable digital-only consumer banking proposition in Vietnam.

Emerging players

• Home Credit Vietnam: Major consumer finance and BNPL player in Vietnam, active in retail electronics financing. Comparable as a digital consumer credit and BNPL provider overlapping with Cake's MWG PayLater positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/cakebyvpbank
• YouTubeyoutube.com/c/CakebyVPBankNg%C3%A2nhh%C3%A0ngs%E1%BB%91
• Facebookfacebook.com/cake.themobilebank
• LinkedInlinkedin.com/company/cake-by-vpbank/posts/?feedView=all
• Instagraminstagram.com/cakebyvpbank
• TikToktiktok.com/@cakebyvpbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cake by VPBank