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Argenta partners with Cake to make accounts profitable
10 March 2021
Argenta is partnering with Cake to allow Argenta customers to enjoy the Cake cashbacks without having to install the Cake banking app. Starting this summer, Argenta customers who choose this option will receive small automatic refunds when they purchase from Cake's commercial partners. This is a nice extra service for Argenta's price-conscious customers.
Cake's Belgian banking app allows to manage accounts from different banks in an intuitive way from one bank-independent app. It provides users with automated and proactive insights into their income and spending. And also make bank account profitable again by, among other things, offering automatic cashbacks and sharing revenue with the users.
Cake offers a number of technologies from the Cake banking app, including its cashback platform, for integration into existing banking apps.
Additional interesting services for Argenta customers
Thanks to the commercial cooperation with Cake, a licensed payment institution under the supervision of the NBB, Argenta can strengthen its Open Banking and digital strategy.
This allows Argenta to offer an extra and financially interesting digital service to its customers, who opt for this. Customers automatically receive a small refund (cashback) on purchases from Cake's commercial partners. This cashback functionality will be integrated into the Argenta app and is planned for this summer. At that time, Argenta will invite its customers to use this service, who can then choose to get free access to the cashback functionality.
Inge Ampe, CCO Argenta: “The use of our app increased by 20% to 560,000 in the past 12 months. In the app stores we currently score 4.5 out of 5, customers appreciate the ease of use. We are therefore convinced that our customers will use their app even more actively thanks to the cashback functionality. It perfectly matches what our price-conscious customers are looking for”
Acceleration for Cake
This is good news for Cake's commercial partners as well as for Cake users. This implementation in the Argenta app ensures a strong growth in the number of users, making Cake as a marketing platform even more interesting for companies. For consumers, this means that even more cashback partners will find their way to the platform with their offers.
Nothing will change for existing Cake users. They continue to enjoy all the functionalities that the Cake app offers: a better overview and insight into income and spending across all bank accounts and the possibility to earn something extra through the cashbacks.
Davy Kestens, CEO Cake: “Integrating our turnkey solution requires a relatively limited technical effort for a bank. We relieve them completely, from building and maintaining the cashback platform to closing and managing commercial deals with the providers of discounts and promotions. ”
Argenta and Cake ensure that the personal data is stored and processed in an extremely secure environment in accordance with PSD2 and GDPR regulations.
Argenta will only share the information about its transactions with Cake after explicit agreement from the customer. Cake uses this data exclusively to share relevant promotions of commercial partners with Argenta customers and for the automatic refund of the cashback to the customer's account. Personal data about Argenta customers is never passed on to Cake's commercial partners. Argenta will clearly inform its customers about this.
In addition to the commercial partnership, Argenta is also investing 1.5 million euros extra operating capital in Cake to emphasize its belief in Cake's agile and innovative way of working.
Marc Lauwers, CEO Argenta: “This investment on the one hand underlines Argenta's confidence in Cake. On the other hand, it offers Argenta the opportunity to keep a finger on the pulse of innovative players in the field of Open Banking. This partnership ties in seamlessly with Argenta's digital strategy. The collaboration was facilitated by the good cultural match and brand fit between both companies. After all, both Argenta and Cake follow their own course, put the customer's interests first and want to be a price-conscious trusted partner for the customer who is committed to honest and transparent communication. ”
Cake will use this investment to further develop its products to provide its users with an even better tool to improve their financial well-being.
"This commercial partnership with Argenta and their investment in Cake are a new step in realizing Cake's Belgian and European ambitions." said Davy Kestens.