Wesabe is closing its doors. In an announcement on its site today, Marc Hedlund, the company’s CEO said the personal finance site can’t take care of its obligations to assistance and security.
Almost two years ago, we wrote a survey of the 10 leading personal finance sites. In the intervening months, three have shut down, one has been folded into another and a fifth, Mint, has been acquired. That’s quite a grisly faceplant for a sector in which we could find 10 companies to profile.
This doesn’t mean the idea of firing your money buckets at the cloud is a failure. It just means there aren’t near the number of money buckets to sustain that size of a sector. It also reemphasizes the reality that the online world is just a part of the world and not immune to its vicissitudes, financial or otherwise.
One user, Rob Darling, bemoaned the loss of the service.
“Too bad. I liked this service since I could upload my data rather than allowing it to connect directly to my bank accounts.”
Westlund said users can delete their information until July 31. Wesabe will provide additional tools to export client financial information off the site and will keep the discussion area on the site open indefinitely.
