A year ago, we ambitiously started this company with the mission to improve the financial well-being of every single consumer. 💥
It’s been quite a journey so far. From raising capital, quickly growing to 22 people in size, and getting our payment institution license with the National Bank, to signing our first paying customers even before our product has launched! We’re getting closer to our public release, but we’re not there yet… ⏳
Building our foundation
For our app to actually help our users improve their financial well-being, we believe Cake needs to successfully achieve three main goals:
📱 Launch a free, user-friendly, and bank-independent banking interface that can replace the multiple banking apps you use today
💡 Launch an automated yet highly-personalized digital financial coach that helps you better understand and control both your daily and long-term finances
💰 Launch a disruptive new data-driven business model that shares its revenue with its users, in an effort to make banking profitable again
Before we can actually start releasing functionality in support of these 3 core targets, we need to make sure we have built a strong, stable and scalable foundation.
To get there, the two most prominent challenges we have right now are the following:
– The connectors that banks provide to link their bank accounts to Cake differ tremendously between individual banks. Additionally, it feels like a number of banks have done the bare minimum in building out their API’s, and as a result some connectors simply don’t seem to work properly yet… 🤷
– When we are connected, the transactional data we receive from most banks is quite often very cryptic or vague. 🤔 Thus we first need to improve the transactional data we receive in order to release better functionality on top of it
This means that before we can launch our core functionalities, it’s super important that we test all possible banking connections and improve the quality of the data that we get from those banks.
Launching our first beta
We decided to release both an iOS and Android beta, specifically focused on quickly tackling these challenges by having a significant number of beta-users test the current bank-connections and help enrich the incoming transactions. 🕵️
After our founder, Davy Kestens, made an appeal for beta-testers on his Twitter account, we were overwhelmed that hundreds of people signed up in a matter of hours, all wanting to test the first beta! Thank you, that made our day! 🤘
After officially launching the Cake brand last week, we have now shipped the first beta-version of Cake for Android! 🥳 The iOS beta will be released in a couple of days!
So far, we’ve on-boarded almost 100 beta testers and more will be added in the upcoming week.
Just to set expectations right, we have drastically limited the functionality of the current beta on purpose. There’s still an incredible amount of work left to be done towards our public product launch this December.
For now, the current beta-version will only provide a slightly enhanced view of its users’ finances by bringing together multiple bank accounts and transactions in a single view. 🔎
Within this view, the app will pro-actively ask its beta-testers to identify unrecognized transactions, so that it can train our data model and improve transaction details for all our future users.
For instance, the app will want to know that “HYPER HYPER CAR” is actually a transaction at “Carrefour” and should be labelled that way.
Based on the first batch of input from the initial testers, we believe that in just a few weeks we will already be able to provide a better view of most transactions compared to many banking apps available today!
Once we’re there, we will expand our beta to approximately 3000 users selected from our waiting list. We estimate this to be sometime in the second half of November.
So, if you’re not on the waiting list yet, you can still subscribe below. 🥳💥🍾
Thanks for following us, and especially a tremendous thank you towards our first group of beta-testers! You all rock! 🙌