The Bankwatch

Tracking the consumer evolution of financial services

Goodbye Wesabe – now we will never know what could be developed

In what is the largest shock for me for a long time, Wesabe has shut down. I have long sung the praises of Wesabe and saw great potential for future expansion and delivery of innovative and useful services for people that no-one bank can ever offer. It appears they have run out of funding which I presume is because VC’s are not willing to support a competitor to Mint/ Intuit. This is shortsighted in my view but there we have the harsh reality of business.

Online Finance Startup Wesabe Heads To The Deadpool | Techcrunch

The startup’s homepage now consists of a letter to Wesabe users instructing them to download their account information by July 31, at which point nearly all of the service’s features will be taken offline and data deleted. 

And from the Wesabe home page:

In recent months Wesabe has been operating on a shoestring budget, with support from some of the developers and operations people who made up our core team. While the site has remained online and we continue to hear from people who find it helpful, we have not been able to provide the support people need to use it for something so central as financial management. I’ve felt especially terrible that some members have a good initial experience but then hit a problem, often after investing many hours, and aren’t able to get help with it. That’s obviously a bad experience, and not what we want to offer. Also, because Wesabe stores such highly sensitive data, continuing to operate the service with shoestring operations and security staff is not acceptable, and we do not want to continue accepting new accounts if we cannot guarantee the security level we believe our service requires.

Written by Colin Henderson

June 30, 2010 at 18:10

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