Wesabe Gets Some Link Love

Our portfolio company Wesabe  was the first company to market in the web-based personal finance sector, which has gotten quite hot lately with the launch of competitors Mint and Geezeo.

Wesabe’s taken a bit of a backseat on the visibility front in light of its competitor’s launches, so it was nice to see that Lifehacker really likes Wesabe.

This is a very big market opportunity and we think there is room for more than one large company in this category. As Dave McClure points out in a comment to Tim O’Reilly’s post pointing to the Lifehacker review:

Wesabe targets more advanced users who want more control over their
financial details & security; Mint probably works better for folks
who want a simple solution that doesn’t require a lot of effort. Both have significant merits over previous generations of online financial services.

I am not sure that Wesabe is only a "power user’s" service. But as Lifehacker points out, Wesabe has a strong mission, sense of community, and is hyper-focused on security:

I stayed with Wesabe because I love their mission, community, and their
desire to continually improve the site. I am confident in their privacy
policy, believe they will protect my data, and like that I can take my
data with me if I want.

Regardless of the competitive dynamics of this market, we are very pleased to be an investor in this category because the things that make the web great; transparency, community, utility, and usability are going to transform the way people manage their money. And Wesabe is at the forefront of that movement.