The race to create the Mint.com for the UK has claimed its first victim. Kublax, a Seedcamp 2007 winner which launched in August 2008, has now gone into administration, saying it was unable to secure a further funding round. The news has come as a surprise to most – Kublax was an early player in a potentially huge market.

In an email to the customers of its beta site, founders Sridhar Sethuraman and CEO Tom Symonds wrote: “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.”