UK PFM start-up Kublax back from the dead
19 February 2010 | 5905 views | 0
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.