Gather all ingredients. Preheat the oven to 350 degrees F (or 175 degrees C). Grease and flour a 9x13-inch baking pan.
Whisk together flour, baking powder, salt, and cinnamon in a bowl.
Beat butter in a large bowl with an electric mixer on medium for 30 seconds. Gradually beat in sugar 1/4 cup at a time. Scrape bowl. Beat until light and fluffy, 2 minutes more.
Add eggs one at a time, beating after each. Beat in 4 teaspoons espresso powder, the vanilla, and almond extract.
Alternately add flour mixture and 1 3/4 cups horchata, beating on low after each addition until just combined. Batter may appear curdled, it will be fine. Spread batter into prepared pan.
Bake until a toothpick inserted into the center of the cake comes out clean, 35 to 40 minutes.
Whisk together remaining 3/4 cup horchata, the sweetened condensed milk, and remaining 2 teaspoons espresso powder.
Poke holes all over cake with a skewer or chopstick. Gradually pour horchata mixture evenly over the cake.
Cool cake completely on a wire rack.
Top cake with whipped topping. Cover and chill at least 1 hour.
Sprinkle with additional cinnamon and espresso powder before serving.
