Lemon.com Raises $8M in Series A Investment, Launches Smarter Wallet – A Refreshing New Twist on the Digital Wallet

  Lemon.com Raises $8M in Series A Investment, Launches Smarter Wallet – A
  Refreshing New Twist on the Digital Wallet

    Backed by Fresh Funding, New Digital Tool Captures and Securely Stores
  Credit/Debit, Loyalty Cards and Other Typical Wallet Contents in the Cloud

Business Wire

PALO ALTO, Calif. -- June 12, 2012

Mobile money management app provider Lemon™, today announced it has secured $8
million in Series A capital investment to fuel the launch and future expansion
of its new Smarter Wallet, a new twist on the traditional wallet concept.

The round was led by Maveron, the consumer-tech-focused firm co-founded by
Starbucks’ Howard Schultz with notable investments in Shutterfly, eBay and
Zulily. Other investors included Lightspeed Venture Partners, CampVentures,
Draper Fisher Jurvetson, The Social+Capital Partnership, the fund launched by
former Facebook Vice President Chamath Palihapitiya with previous investments
in Yammer and SecondMarket, and other leading Silicon Valley-based
entrepreneurs and angel investors.

Backed by the capital infusion, Lemon’s new Smarter Wallet platform provides a
groundbreaking, yet incredibly easy-to-use tool for digitizing and storing all
of the items traditionally carried in a physical wallet. In fact, with the
data stored behind by Lemon’s government-caliber, 32-bit encrypted system, the
Smarter Wallet is ultimately more secure than the physical wallet itself.

To get started, users simply get their wallet and use any smartphone to snap a
photo of each item—including debit, credit, loyalty and healthcare cards, ID
cards, as well as receipts, tickets and coupons. Once saved to their secure
Lemon account, the data is accessible from anywhere using a unique four-digit
PIN, which secures the data against hackers and thieves, if the mobile device
is ever lost or stolen.

This Smarter Wallet instantly becomes a powerful tool to quickly recover and
protect your financial security in the event your physical wallet or
individual cards are ever lost or stolen. It also provides a convenient way to
access credit card information when shopping online while your wallet is in
another room, eliminating the need to get up and go find it—just log in to
Lemon and copy and paste the card data into the checkout.

“This initial funding and the launch of the Smarter Wallet are major
milestones in furthering our vision for Lemon as a trusted mobile money
management solution,” said Lemon Founder and CEO Wences Casares. “This
powerful new wallet framework, combined with our transaction management tools,
empower users to take total control over their finances with a fresh new
perspective.”

The Smarter Wallet integrates with Lemon’s cloud-based, digital receipt
storage and organization tools for individuals, families and businesses to
organize, track and manage their finances – while helping them save money. The
complete solution functions as a mobile money manager, enabling users to see
how much money they have and where they’re spending it to help them stretch
dollars further. Users can use their mobile phone to tap digital credit or
debit cards in their Smarter Wallet for an immediate view of balances. They
can also opt to receive exclusive, money-saving offers from leading retailers.

“Lemon’s unique approach to mobile financial management adds an intelligent
layer to all the cards and other miscellaneous stuff that takes up space in
your wallet or purse,” said Maveron partner Amy Errett, who has joined the
Lemon board of directors. “Many people remain skeptical about the direct shift
to payment-based digital wallet technologies for security reasons. But with
the Smarter Wallet, Lemon is laying a strong and secure foundation for a more
gradual transition that promises to change the way people think about the
digital wallet concept.”

Lemon, which launched in late 2011, has quickly built an enthusiastic user
base with over one million downloads of its free app for iPhone, Android and
Windows Phone devices. The Smarter Wallet is now included in both the basic
Lemon Free service and the premium Lemon Pro service for just $9.99 per month.
Both offer scanning and storage of credit, debit and loyalty cards and basic
receipts, as well as anti-theft protection and valuable merchant offers.

Lemon Pro offers a premium receipt tool with line-item details, budgeting and
the capability to export data to popular financial management applications,
among other advanced features.

To get started with the Lemon Smarter Wallet, visit www.lemon.com.

About Lemon

Lemon offers a powerful mobile money management tool that lets its users keep
a secure backup copy of the items in their wallet. In addition, Lemon offers
receipt organization and spending management tools that let anyone digitize
paper receipts and store them alongside e-receipts in a secure personal
financial vault for easy access anytime. Lemon users can keep track of both
personal and business-related purchases, reduce paper clutter, analyze
spending habits and save money. Founded by international experts in banking
and payment solutions, Lemon is headquartered in Palo Alto, Calif. For more
information, visit www.lemon.com.

Contact:

SS|PR
Tony Keller, 312-750-0858
tkeller@sspr.com
 
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