Kublax, UK’s answer to Mint.com going into administration as it fails to raise funding

Kublax, the UK’s answer to Mint.com is to go into administration as it reportedly failed to raise further financing. Kublax was one of the most interesting outputs of Seedcamp 2007 and promised to allow you to manage all of your bank accounts and credit cards in one place. Despite a reported $1 million first round and some of the most established early stage internet investors on board, the business could not raise further finance. Sad news that highlights just how hard, and expensive, it is to create a business from scratch in the web space.