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EcommerceBytes-NewsFlash, Number 2827 - June 15, 2012 - ISSN 1539-5065    3 of 4

Lemon Digital Wallet Raises $8 Million in Funding

By Ina Steiner
June 15, 2012

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Lemon.com wants to put digital copies of the items you keep in your leather wallet into your electronic smartphone, such as your healthcare card, and it has raised $8 million in Series A venture capital to launch its new Smarter Wallet.

In a new twist on the traditional wallet concept, 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.

In fact, Lemon.com says its 32-bit encrypted system makes the Smarter Wallet more secure than physical wallets. According to the company:

"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."

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 - they can also opt to receive exclusive, money-saving offers from leading retailers.

The recent funding round was led by Maveron. Other investors included Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson, The Social+Capital Partnership, and other leading Silicon Valley-based entrepreneurs and angel investors.

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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