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UK PFM start-up Kublax back from the dead

19 February 2010  |  5905 views  |  0 Skull (human)

On the day it was slated to shut down after failing to secure new investment, UK money management site Kublax has been handed a lifeline by consumer finance outfit Simply Finance.

The Mint-styled personal finance aggregator, which launched in August 2008, recently informed customers via e-mail that funding could not be secured and that partner Yodlee would erase user transactional data by the end of this week.

This prompted rival start-ups lovemoney and moneydashboard, to embark on a charm offensive, tapping Twitter in a bid to solicit defecting Kublax customers.

However, in a new e-mail to customers, obtained by TechCrunch, founders Sridhar Sethuraman and CEO Tom Symonds, say: "We are very happy to report that we are currently in advanced discussions with a UK based consumer finance website, Simply Finance, to find a way to keep the Kublax site up and running.

"As a result, our service will not shut down today as we had initially feared, and we will be working very closely with SimplyFinance to arrive at a long term solution which will allow us to keep the Kublax site and services available to you indefinitely."

Simply Finance is a UK site that helps people find rates on mortgages, insurance, loans, and other financial products and services.

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