1. Preheat the oven to 180°C (350°F). Line a 9×5 inches (23x12cm) loaf tin* with baking parchment and grease lightly. Set aside.

2. Add sugar and oil to a large bowl and mix on high for several minutes until light and fluffy. Add the eggs separately and mix well after each addition. Next, add the vanilla extract and mix in. Combine flour, baking powder, and salt. Add together with the buttermilk to the large bowl and mix until just combined. Finally, add the rainbow sprinkles and fold in quickly – you want to avoid the color of the sprinkles to »bleed« into the batter.

3. Transfer the batter to the prepared loaf tin and bake the cake for about 60-70 minutes or until a wooden skewer inserted into the cake comes out clean. Take the cake out of the oven, let it cool down for 10-15 minutes inside the tin, then lift it out with the baking parchment and let it cool down completely on a wire rack.

4. For the frosting, add the butter and confectioners’ sugar to a large bowl and mix until light and fluffy. Add the vanilla extract and cream cheese and mix until well combined. Spread the frosting on top of the cooled cake and decorate with some additional sprinkles (optional).