UK PFM start-up Kublax runs out of cash

UK PFM start-up Kublax runs out of cash

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.

Comments: (3)

A Finextra member
A Finextra member 17 February, 2010, 09:13Be the first to give this comment the thumbs up 0 likes

Money Dashboard fully appreciates the difficulties Kublax have faced with fund raising and are sorry to hear of their misfortune.

Money Dashboard offers an alternative to Kublax. We are very secure and well financed - we've already received £1M in funding at the tail end of 2009.

Given the trust our users are putting in us it is important for us to ensure that the product is thoroughly tested and well executed before launch.

Our free online personal finance software tool, also using Yodlee technology is currently in the process of beta testing. Currently we have more people subscribing than we are able to welcome to Beta but look forward to inviting you to join in staggered groups over the next few weeks as we continue to polish our feature rich service.

Money Dashboard not only enables you to tag your transactions but also helps you to set up budgets, allowing you to track your spend using our monthly tracker.

With Money Dashboard you can build a realistic picture of your spending, identify where savings can be made and set a budget you can actually achieve.

 

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 February, 2010, 12:50Be the first to give this comment the thumbs up 0 likes

It's an irony that Kublax has managed to get media spotlight only when it has shuttered down. It would be interesting to know if MoneyDashboard and the other new P2FM service providers in UK plan to collect the userid and password credentials of Internet Banking accounts of their subscribers so that they  access and download their transaction reports periodically. If yes, what are their plans to protect all this sensitive information from hackers and cybercriminals.   

Emma Davies
Emma Davies - lovemoney.com - London 17 February, 2010, 14:54Be the first to give this comment the thumbs up 0 likes

Yesterday was a big day on Twitter and it was interesting to see all the activity not just from us at lovemoney.com - but from all the Kublax customers.

This demonstrated to us that there was a real need being called out for from Kublax customers to continue to provide them with a service they had grown to love.

As we have the capability to provide that service to them via our online banking application it made sense to contact them and let them know.

We like to think we had a different approach to moneydashboard - by providing actual answers and comments to Kublax customers - rather than the simple one message spam approach they adopted.

We also wrote a blog post outlining in more depth our thoughts about how being the first mover in a market doesn't always have the advantage you hope. which you can read here http://bit.ly/bSv5Xo

We're an open company and are genuinely trying to help people make more of their money. We believe this type of service can do that - whoever the provider of it is.

 

 

 

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