Palo Alto-Based Lemon Raises $8 Million for "Smarter Wallet"

Palo Alto, Calif. -- Lemon, a Palo Alto-based developer of mobile money management app, said on Tuesday it has raised $8 million in its first round of funding, led by Maveron, the consumer-tech-focused firm co-founded by Starbucks' Howard Schultz. Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson, The Social+Capital Partnership and several individuals also participated in the round. The company will use the proceeds to fuel the launch and future expansion of its new Smarter Wallet, which digitizes and stores all of the items traditionally carried in a physical wallet. The platform allows users to snap photos of each item in their wallet -- such as credit, loyalty and ID cards, as well as receipts, tickets and coupons -- with a smartphone. Once saved to a secure account, the data is accessible from anywhere using a unique four-digit PIN. "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," said founder and CEO Wences Casares.
http://www.lemon.com
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