UK PFM start-up Kublax runs out of cash
16 February 2010 | 7508 views | 3
UK-based personal finance start-up Kublax has folded after failing to secure new investment.
The Mint-styled personal finance aggregator launched in August 2008. In an e-mail to customers, the company's founders Sridhar Sethuraman and CEO Tom Symonds write: "Over the course of the last 6 months we have been trying hard to raise funding which would have allowed us to launch our enhanced new product and develop our offering further. Unfortunately we now have to admit defeat."
Kublax's partner, Yodlee, will be deleting all user data, including online banking details from its servers, the letter continues. User transactional data will also be completely erased by close of business this week.
Kublax's demise has caused great excitement on the Twitter feeds of rival start-ups lovemoney and moneydashboard, which are actively using the micro-blogging service to solicit defecting Kublax customers.