Kublax wins further funding

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Kublax, a startup site which syncs all your bank accounts, utilities, and loyalty schemes has won a further round of angel investment from Digitalents Capital, Five Ventures, Omnis Mundi Invest AG, The Accelerator Group (TAG). The amount was not released but we understand it was less than a million euros. Kublax was a winner of Seedcamp 2007, a Europe-wide initiative by Venture Capital firms and business angels to finance and help Europe’s next generation of technology entrepreneurs. CEO, Sridhar Sethuraman, has seven years of experience in the financial technology domain, having worked at Credit Suisse, Royal Bank of Scotland and Aviva. Kublax syncs with all your bank accounts, utilities, and loyalty schemes like Air Miles and presents all the information in a user friendly format so that you can track your incoming and outgoing cashflow and start to analyse your personal finances. All the key information (log-ins etc) stays on the desktop in hyper-encrypted files, they say. It also creates a social network around your personal finances where key information is not revealed but the “crowd” can source intelligence on investments, savings accounts and mortgages. Sites like Mint and Gazeo are venture backed in the US but this business is designed to be very local and can be integrated with local markets.

  • http://ahmedibrahim.com Ahmed Ibrahim

    Sounds very interesting rounding up financial data. I can imagine that the average customer has bank accounts with several institutions left, right and center spreading out savings, investments, current accounts, mortgages, shares etc. The biggest problem for me in this situation is that I hate having to remember the ID keys for each one. My biggest concern for Kublax is obviously security, entrusting a third-party with this amount of personal and ultra-sensitive data is going to be a hard task to swing the tide of public confidence given recent data incidents in the UK. In all cases, good going and I guess we’ll have to watch this space.

  • Seth Callaghan

    A coupe of years into work and I have a handful to manage already. Give me few more years I will sure get crazy with funds everywhere.
    One place to manage all that sounds interesting. Security of my financial data is primary. One thing I will be watching out for sure.

  • Larissa

    Data sensitivity of course is an issue. However, in account aggregators such as this, usually no “transaction” password is given to the tool, which considerably limits the risk. One would only guess that the investors behind this are taking all the precautions needed to assure that the tool is safe, otherwise, their product simply wouldnt exist…

  • http://www.fincision.com Mike

    Hmmmm, security is THE issue. Mint.com in the USA has a gorgeous looking site, and has been heavily covered by many of the tech blogs, but they have a soft underbelly – using screenscraping courtesy of an outfit called Yodlee, allegedly! A few of the security-savvy commentators have already noted that this breaks most banking sites terms of service. I’m interested to see how Kublax tackles this.

  • Larissa

    Mike, Yodlee has written consent from a few banks to “screenscrap” their website for the user’s data. However, Yodlee will only do so when the client himself agrees to it and the client himself gives Yodlee his login info. The key points here are: 1) there’s a consent from the user to pass on their login information to tools like this; 2) the login information will only allow the tool to display the user’s encrypted information to the user himself (data is encrypted from one end to the other) 3) Assuming most banks nowadays require 2nd level passwords for transactions, login information will only display balance data, no transactions can be made; 4) the user has ownership of his data, therefore, he can pass on his login information to whomever he chooses to.

  • http://www.the-accelerator.blogspot.com robin klein

    Kublax set out their security structure schematically quite nicely here:

  • http://www.linkedIn.com/in/garethwong gareth wong

    Well, ontop of the two firms about

    there is also another startup in Madrid called Unience, I met their founder last year there: http://www.unience.com/

    Mike, shall send an introduction to you guys and hope the winner takes it all… or everyone is a winner?

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