Cover the bottom of a 7.5 inch (19 centimeter) pan with parchment paper and grease the sides. Set aside.
In a large bowl, beat the butter until creamy. Add the sugar and mix until the mixture is pale and airy. Incorporate the eggs one by one, mixing well. Set aside.
In a medium-sized bowl, combine the dry ingredients.
Add the dry ingredients to the bowl of wet ingredients, mixing until a homogeneous mixture is obtained.
Pour the batter into the prepped pan. Cover with aluminum foil and set aside.
Place the stainless steel inner pot inside the Instant Pot®, add 2 cups water, insert the rack, and place the pan on top.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, on pressure level High, and set time to 50 Minutes.
Once the time is up, let the steam release naturally. Once all the pressure has been released, press Cancel, open the lid and remove the pan. Let rest for 5 Minutes so that any moisture on top can be absorbed. Unmold and serve.
Store refrigerated in an airtight container for up to 4 days.