Wesabe, the online personal finance site launched in 2005, will be closing down on July 31, 2010. Over the last few years it grew into a well-liked service helping users track their spending and share valuable financial information with others through the Wesabe online community. The company has stated they were experiencing financial constraints, leaving them unable to provide sufficient customer support and security staff. Unlike other online finance sites, Wesabe did not generate revenue through the use of ads, considering the practice not to be in the best interests of its customers.
Users will have until July 31 to download their data, after which time all data will be securely and permanently deleted. Users will be able to view their downloaded csv-format data in spreadsheet programs such as Excel and Google Spreadsheet. Wesabe are also working on an open source package allowing users to operate a version of the service on their own computers.
The popular Wesabe online forums which host discussions on personal finance topics and where users can exchange tips and advice on finances will remain online indefinitely.
Disappointed Wesabe fans may consider other free online personal finance alternatives such as Mint, Buxfer and Geezeo.
