Silicon Valley-based Lemon received a substantial boost of $8 million in investment funding to fuel its “Smarter Wallet,” a digital wallet that allows your smartphone to snap and store every image in your wallet, including credit cards, IDs, health-care cards, receipts and more.

The investment was led by Maveron, the consumer tech-focused firm co-founded by Starbucks CEO Howard Schultz and former investment banker Dan Levitan.

Other notable investors in the snazzy new digital wallet include Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson, The Social+Capital Partnership, among others.

The “Smarter Wallet” system works by saving and storing all your financial and other crucial carry-sized docs in one place, protected with 32-bit encryption, and data can be accessed anywhere from using a PIN code, which also protects your info if your phone is ever jacked. And for anyone who’s lost their wallet, especially while traveling abroad, this simple retrieval system has the potential to save a lot of time, worry and, well, money.

Other Lemon features can help users track and manage finances, save money on offers from retailers, and an advanced version, Lemon Pro, even tracks financial data that would come in handy come tax time for those pros who use their smartphones on the go.

Comments

  • http://www.facebook.com/people/Donovan-Kliegg/100001187341261 Donovan Kliegg

    I think there is a factual error here. 32-bit encryption is not very secure, not even 70s era secure. If it was 32-bit, that would reflect extremly badly on the security of the Lemon product.
    It should be at least 128 bit or more likely 256 bit. If it was “32 byte” encryption that would be 256 bit, so maybe its just a misunderstanding of cryptographic terms on the part of Lemon’s spokeperson, Molly Brown, or whoever edited this post?

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