Founded in Singapore on June 7, 2019, Cake set out to deliver transparent, straightforward cashflow services from digital currencies. Founded and led by Dr. Julian Hosp—following a forced yet successful exit from his previous startup—Cake quickly established itself as one of Southeast Asia's fastest growing fintech companies, amassing close to one million users, over one billion USD in customer assets, and a team of 180 employees at its peak.

In early December 2023, co-founder U-Zyn Chua unexpectedly filed for a winding-up application against the company. The Singapore Courts, however, dismissed his case in April 2024, exposing it as a shortcut to pressure negotiations. Despite the damage inflicted by this legal maneuver, Julian and the remaining team initiated a focused 90-day action plan. Through tight cost controls, strategic adjustments, and restructured operations, Cake managed to return to near cashflow neutrality, ready for the next bull market.

On December 11, 2024, GS Technologies Ltd, a publicly listed company on the London Stock Exchange, acquired the business. GS Technologies is a global technology company listed on the Main Market of the London Stock Exchange under the ticker, GST. The group operates three core businesses across blockchain payments and financial services, forex, as well as digital asset exchange. The group has existing operations in the UK, Lithuania, Singapore, and Australia.

Bake perfectly complements GS Technologies’ existing ecosystem by adding a proven platform for digital currency cashflow services, and it seamlessly integrates into GS Technologies’ broader vision for secure, scalable, and future-oriented digital finance. This acquisition promises an exciting next chapter for the Bake platform, its customers, and its employees.

With the transition underway, Dr. Julian Hosp has announced he will assist with the handover before taking a well-deserved break to focus on his family and children.

For any platform-related requests, please head over to https://bake.io