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Tuesday, February 16, 2010

Kublax goes in to administration

As a follow up to a previous post where I compared online money management tools from LoveMoney and Kublax, I feel I should share the following email I received this morning from Kublax announcing their service is to cease at the end of the week.

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 address removed for privacy).

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

I have been looking at another alternative to manage my finances online, I’ll share my opinions of that service at some point in the next few weeks.  In the meantime, Kublax users may want to take a look at LoveMoney’s solution or one of the other similar Yodlee powered solutions.

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