Market Watch Personal Finance

Klublax is going under administration

Techcrunch is reporting that Klublax, A Mint like Personal Finance website in the UK has gone into administration. Here is the official mail:

Dear Kublax Customer

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

Sean Park at Park Paradigm is providing some insights (as an early stage investor) on what may have been the cause of this demise. As for any startups product & execution is key and Klublax may have failed on convincing investors of their capacity on that part, as implied by Fred Destin in a tweet:

@maxniederhofer @nauiokaspark #1 reason is unstable team

Remaining competitors on the UK landscape are:

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