Kublax, the first UK startup to appear resembling Mint in the US, now has new competition in the shape of Money Dashboard, a free online personal finance service for UK consumers. The invite-only beta launch of the service brings an individual’s bank accounts, credit cards, store cards and loans together on one screen to give the user a picture of their personal finances. It plans to launch in Spring 2010. It’s understood to now have in the region of £1.5m in venture investment backing.
Users can aggregate bank accounts, tag transactions and use budgeting tools provided and It will be independent of financial institutions. Founded by Gavin Littlejohn in 2006, the site has on its management team Non Executive Chairman Stuart Sinclair, former CEO of Tesco Personal Finance and David Robinson, founder and former CEO of Bright Grey.
It’s good timing. Some 75 percent of UK consumers are using online banking, up from 54 percent in 2005 according to the British Banking Assiciation.
However, Money Dashboard, although it will be different from Kublax, is in fact powered by the same underlying financial tools provider, Yodlee, a US-based provider of personal finance management and payments solutions.
As it’s been pointed out before, Mint was Yodlee’s Youtube in the same way that Youtube was the interface to Flash video which made a lot more than Adobe out of Flash.
In other words, Yodlee is powering all these financial sites and not getting a lot of credit outside of a press release to the business media. Oh, but it is getting paid, let’s not forget that bit.
Kublax and Money Dashboard are now in a race to produce a better set of analysis tools and a better interface to the data that Yodlee can pull out of its banking partners.