Belgian FinTech startup Cake has secured €4.6m in a seed funding rounded led by Truffle Capital.
The round also saw investment participation from Seeder Fund, Freshment and Sambrinvest.
Cake provides European banks plug-and-play solutions to integrate their cashback module into their own banking apps within a few weeks. This allows banks to provide an extra service for their customers and generate a new revenue stream on top of their existing business model by taking a commission on each cashback.
The firm also provides market insights to brands and businesses based on the anonymised processing of consumer purchasing behaviour.
According to Cake, Belgian consumers have already earned over €800,000 in automated cashbacks through its platform.
The banking app for consumers Cake initially launched will close in February to make way for a ‘full focus on banks and companies’. The firm said discussions are already underway with several national and international banks about integrating the Cake cashback platform into existing banking apps.
Cake is also currently looking for additional employees in the area of sales and account management.
Cake CEO Dave Kestens said, “As a start-up, we are constantly looking for the right product-market fit. From the outset, we opted for a flexible approach that keeps a close eye on the market. The successful launch at Argenta has confirmed that our Cake for Banks solutions meet a high demand from the market. Both from banks, bank customers and the commercial partners.”
Truffle Capital senior partner Patrick Lord added, “We are delighted to lead this new capital round to support Cake’s international expansion. We believe Cake has managed to build customer rewards in the most seamless, frictionless way while providing banks with strong customer loyalty and data monetisation, and retailers with a marketing tool with an unprecedented ROI. Cake’s approach is disruptive and it has everything it takes to become a global leader in this sector.”
