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Kublax

Kublax To Get A Lifeline From Simply Finance

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We recently wrote about the death of Kublax, a Mint.com for the UK. Kublax, a Seedcamp 2007 winner which launched in August 2008, was unable to secure funding in an arena that was chock full of competitors, including MoneyDashboard, and Lovemoney.com.

But it looks like Kublax may have found a lifeline. In an email to the customers of its beta site, founders Sridhar Sethuraman and CEO Tom Symonds wrote that Kublax is in discussions with UK site Simply Finance to keep the personal finance sites alive. Here’s the text of the message:

We are very happy to report that we are currently in advanced discussions with a UK based consumer finance website, Simply Finance, to find a way to keep the Kublax site up and running.

As a result, our service will not shut down today as we had initially feared, and we will be working very closely with SimplyFinance to arrive at a long term solution which will allow us to keep the Kublax site and services available to you indefinitely.

We will give you a further update on Monday.

Simply Finance helps consumers to find the lowest rates available on mortgages, insurance, loans, debt solutions and a range of other financial products and services. It’s unclear if Simply Finance is in talks to acquire Kublax or just fund the startup.

Kublax launched it’s public service in May last year of “just under” 1 million euros. The new funds were from Ambient Sound Investments and individuals such as Stefan Glänzer, former executive chairman of Last.fm and Jonty Kelt, Vice President of Search, International with DoubleClick. Previous investors which participated in that round were The Accelerator Group (TAG) (a Seedcamp backer), Omnis Mundi Invest AG and Digitalents Capital. In February 2008 Kublax won a round of undisclosed angel investment from those latter three, together with Five Ventures.

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