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This article was published on February 16, 2010

    Finance Startup Kublax Closing Its Doors

    Finance Startup Kublax Closing Its Doors
    Zee
    Story by

    Zee

    Former CEO of The Next Web. A fan of startups, entrepreneurship, getting things done faster, penning the occasional blog post, taking photos Former CEO of The Next Web. A fan of startups, entrepreneurship, getting things done faster, penning the occasional blog post, taking photos, designing, listening to good music and making lurrrve.

    23419v8-max-250x250We’ve just been informed that Finance Web startup Kublax will be heading into administration and closing its doors officially on Friday 19th February.

    The UK company, which did see some traction, sent an email out to its customers a few minutes ago.

    Kublax is a secure online personal financial management platform which automatically aggregates all of your UK bank and credit card accounts into one place. The brainchild of Sridhar Sethuraman, a former IT and management consultant, the company was also one of six companies to win investment from Seedcamp in 2007.

    Launched in August 2007 and hailed as the UK’s answer to mint, the company raised two rounds of funding totaling €2 Million.

    The company assures its customers in its email posted below all user data will be deleted and no further information (including financial data) will be gathered and stored for Kublax customers.

    What other options do UK customers have? Sadly not many. MoneyDashboard is the most immediate alternative although it has yet to officially launch. LoveMoney.com also seems to have some potential. Let’s not forget the likes of Wesabe, worth a look, but unfortunately doesn’t feature deep integration with UK banks accounts.

    Anyone else worth looking at?

    Full Email Below:

    It is with great regret that we announce the closure of our service as we have been forced to take the business into administration. 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.

    We are sorry that we have not been able to repay your trust in Kublax and particularly disappointed not to be able to launch the new enhanced version of the service which was being shaped to a very large extent by your Feedback on the current service.

    Kublax’s partner, Yodlee, will be deleting all user data, including online banking details from its servers. Once deleted no further information will be gathered and stored for Kublax customers. Your transactional data will also be completely erased from our servers by close of business on Friday 19th February. We will not pass your data on to any third parties.

    If you wish to contact Sridhar or I you can reach us at the following email address – [email protected]

    Many thanks again for your support and we hope that Kublax was able to help you make slightly better sense of your finances over the last year or so.

    Tom and Sridhar