Wesabe looks like a social version of Quicken personal finance software. As you look at your bank statement, you see tips about individual merchants contributed by other members. Soon it will turn into a sort of Zagats for everything, showing which restaurants, car repair shops and so on are popular with members. (Users can mark merchants that they patronize but don’t like. Do cell phone companies come to mind?) […]
Marc Hedlund, Wesabe’s co-founder chief product officer, said the idea is to be a reverse credit bureau.
“In the same way that credit bureaus aggregate data about you to decide whether to extend credit to you, we aggregate data about businesses to see whether you value them,” he said.
I had a fantastic time talking to Saul, since he has gone from covering banks and finance to covering Google and Yahoo, and has a deep understanding of both what we’re trying to do with Wesabe, and what we’re up against to get there. It’s very satisfying to talk with someone who immediately sees the landscape and can call out its features from long familiarity. I set a couple of gentleman’s bets with him about some of our assumptions, which I look forward to collecting in the years to come. 🙂
We’ve had a great few weeks at Wesabe, with coverage in the Wall St. Journal and now the Times, the close of our funding round, the Online Banking Report “Best of the Web” award, and (most importantly) some excellent new features and fixes going up on the site. I continue to be amazed at how much email we get from Wesabe users encouraging us and talking about their experiences with the site. Thanks for all the positive feedback — and for the criticisms and suggestions, too, which are just as helpful. We’ll keep doing everything we can to respond to that feedback and make the site better using it.