Case Study: Cake becomes Vietnam’s first profitable digital bank with Mambu

Cake - Customer Case Study

Cake Digital Bank, backed by VPBank, launched in 2021 to close a gap in Vietnam’s market for a full-service digital bank aimed at Gen Z, Millennials, and underserved customers. To support rapid growth and a broader suite of banking services, Cake needed a flexible, scalable cloud banking platform, and selected Mambu’s cloud banking platform and core banking foundation.

Mambu implemented the core banking replacement on its cloud-native SaaS platform, underpinned by AWS, enabling Cake to move from MVP to market in just 74 days. The result was a fully digital banking experience that helped Cake scale to 5 million customers by 2025, become Vietnam’s first profitable digital-only bank in 3.5 years, and achieve strong retention metrics of 80% for transactional users and 95% for financial product users.

Cake

Nguyen Huu Quang

Chief Executive Officer