05 May 2009

ASI invests in Kublax, the online platform for personal money management

Ambient Sound Investments (ASI) has announced its investment in Kublax, a free and secure online tool for personal money management. Following a successful beta test period, Kublax today announced its official launch backed by additional funding from major online investors, and the appointment of a new CEO, Tom Symonds.

Currently UK-based Kublax can automatically summarize all of the user's bank and credit card accounts together in one place after initial setup and authentication, making it easy to manage one's finances. It conveniently displays income and expenditures as graphs and lets users compare their spending patterns to those of other users, helping spot opportunities to budget more wisely.

 “The Kublax launch is well timed for the recession as people want to be in greater control of their finances,“ said Eileen Burbidge, ASI’s investment director. “We see the project having great potential throughout Europe as more and more people start to organize their financial accounts in one place.”

 Kublax works by automatically analysing and categorising all of a user’s financial information. Data from users’ online accounts -  including bank, building society, credit card and utilities –  is aggregated, enabling users to monitor cash flow at a glance and help them understand where and how they are spending their money. 

This data is updated automatically and, with over 40 possible categories of outgoings covering things such as shoes and holiday expenses to personal care and dining out, Kublax has proven to be an excellent personal money-management tool for its beta users. Other features include a budgeting tool, calendar and an alert system which issues reminders when payments are due or when account balances reach a certain level. Being the first of its kind in the UK, Kublax has very stringent privacy and security policies, and relies on the same security systems as currently employed by the US Federal Reserve.

Kublax, the brainchild of Sridhar Sethuraman, a former IT and management consultant, is a privately-held company which won initial funding as a winner of the highly prestigious Seedcamp startup competition in 2007, followed by a first round of seed financing in 2008.

 “We are delighted to have attracted high-calibre corporate and private investors and talent in Tom Symonds as our CEO,” said Sethuraman. “Our launch could not have been timed better, given the current economic climate and the need for consumers to stay on top of their finances.  Our service is ideal for all UK banking and credit card users especially the 55%+ of the UK population who are already banking online. It will help turn what has traditionally been a hugely time-consuming and frustrating process into something much faster and easier, and more importantly, more manageable.”

 

Tom Symonds is an established and experienced leader in online and digital marketing, and he was previously Director of Internet Products and Services at BSkyB and MD of Interactive for the leading freesheet Metro International.

 

About Kublax

Kublax is a free and secure online tool for personal money management. By securely registering bank and credit card accounts and using our simple money management tools,  we will give users access to the transparent information they need to make sound decisions, spend more efficiently and save more fruitfully.  Additional info: www.kublax.com.

About ASI
Ambient Sound Investments (ASI) is the investment group established by of the four former engineering co-founders of Skype, which primarily finances international start-up technology companies from its own funds. ASI is searching for companies developing new technologies or offering services based on them for its investment portfolio. Additional information at the address: www.asi.ee.

 

For more information, please contact:

Tom Symonds
CEO,Kublax
E-mail:
tom@kublax.com

Eileen Burbidge
Investment Manager, ASI
E-mail:
eileen@asi.ee
Skype: eileenbroch