Enabling Technologies

Lemon Wallet sold for around $42.6 Million to Lifelock, victory for mWallet stories?

MEDICI

For those of you who have not heard about Lemon wallet, its a digital wallet and its app has been downloaded 3.6 million times so far. Lemon Wallet enables consumers to replicate and save a complete digital copy of their personal wallet contents on their smart device for records backup as well as mobile use of items including credit cards, identification, ATM, insurance, and loyalty cards. While the mobile wallets are yet to see widespread adoption as far as the payment functionality is considered, but storing credit cards, loyalty cards and other features of Lemon wallet have become quite popular with users.

Lemon Wallet was co-founded in July 2011 by Wences Casares (CEO) and Meyer Malka. The company had received a total funding of $8 Mn through investors Maveron, Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson and The Social+Capital Partnership.

In an interaction with Lets Talk Payments, Wences Cesares, Founder and CEO Lemon, Inc. said "Over the past 2 years we have been building Lemon Wallet and working hard to provide our customers with the best possible experience. Today we are happy to announce that we have joined forces with LifeLock to bring a new level of protection to the mobile wallet experience."

What does Lifelock get - A time tested and popular mobile wallet, ready to be integrated with its authentication features.

What does Lemon Wallet get - Founders and earlier investors got a good exit (strategic investors pay well) and a partner to help it grow and expand with strong identity theft protection services. As you would hear in Payment industry circles, a Payment app without authentication is just accounting.

Wences said that LifeLock, the leading provider of identity theft protection services, announced the acquisition today and we have immediately launched an integrated app to help you manage and protect your digital identity online. "With LifeLock Wallet all of our customers will receive free access to all of the old Lemon Plus features and all account information will remain intact." Wences said.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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