Cake is the independent banking app that brings together all of your accounts and transactions from multiple banks. You probably already knew that. ✅
And all of that is possible thanks to the European PSD2 regulation. This regulation stipulates that you, and not your bank, are the sole owner of your bank details. Since September, thanks to PSD2, you can, as a European consumer, ask your bank to share your data with other (licensed) third parties such as Cake. After all, it’s your data and it’s up to you to decide.👍
Our goal is to link any European bank account to Cake. And we are continuously working to achieve that, starting with Belgium.
Which banks can be linked to Cake?
After downloading Cake, you are able to link one or more of your current accounts to our app. Even from multiple banks. These can be private or business accounts.
In order to connect your bank account to Cake, each bank must provide a so-called API. This is a secure connection that allows our app to ‘talk’ to your bank account and exchange information.
On 14 September the new PSD2 regulation officially started and all banks had to make their API available to licensed payment institutions, like Cake.
The availability of the banks in the Cake app depends mainly on the quality of the connections (API’s) that the banks offer us. Although the banks are legally obliged to have this connection ready, we still struggle with the quality of some of them.
The good news is that in the meantime almost every Belgian and Dutch bank can be connected, as well as the most important neobanks. Please check out this list for the most recent update. And we will continue to add more European banks in the near future.
Some connections are still in an “experimental phase”, which means the API delivered by the bank is not stable yet. So bear with us, we keep working to get those improved as soon as possible.
For Belgium and The Netherlands, information on savings accounts is excluded from PSD2. And it is therefore not included in the APIs that are provided by the banks. In some other European countries savings accounts are included in the API’s.
In any case, we can however still track your savings in Cake, if you like. If you tell us what the account number of your savings account is, we can simply track transfers to and from that account 📈. It really is that simple! Learn how to activate your savings dashboard in this blogpost.
Unfortunately we are not able to show the actual amount on your savings account. But the most important thing to us, is that we can motivate you to save… and provide you a clear insight into your savings.💡
Investments accounts are excluded from PSD2 and can therefore not be linked to Cake.
Following the latest guidelines of the European Banking Authority the connection of credit card information is planned for 2021.
Making bank accounts profitable again
At Cake, we believe we can improve people’s financial well-being by giving them a bank independent tool that makes their daily banking easier.
And we want to give them a chance to make their bank account profitable again at the same time. This happens through the Cake Rewards. Unfortunately business accounts are excluded from the Rewards program for legal reasons.
The average Cake user earns around €5 per month with Cake. We share our revenue with our users every month because we think they deserve a share of the cake. 🍰
Week after week we add new features to the app that give you an even better overview of your income, spending and savings.