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June 12, 2012

Lemon Raises $8M in Series A Investment, Launches Smarter Wallet

Lemon logo 140x60pxMobile money management app provider Lemon, 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.

“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.”

To get started, users 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 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.

Reaction to Apple Passbook Announcement

Apple logo 140pxThere were a number of interesting reactions to yesterday's Passbook announcement from Apple. Glenbrook's own Scott Loftesness posted his take on the announcement over on Payments News. Jim Bruene, the creator of Finovate, took a look at Apple's new mobile wallet and wondered if Passbook is friend or foe of the banking industry?

USAID & Citi to Accelerate Mobile Money Adoption

Citi logo 140pxThe U.S. Agency for International Development (USAID) and Citi have announced a global partnership to broaden financial inclusion by fostering the rapid adoption of “mobile money” technology in developing countries.

“Mobile money is a game-changing endeavor with the potential to improve lives, create jobs, catalyze new enterprises and expand financial inclusion, particularly in the emerging markets that are critical to the growth of the global economy,” said Citi CEO Vikram Pandit.

TIO Launches Mobile App to Pay Multiple Bills via Payment Cards

Tio logo 140x60pxTIO Networks announced the launch of TIO MobilePay, the new mobile app that allows Americans to pay multiple bills via VISA or MasterCard branded payment cards in real time. iPhone, iPad and Android users can choose to pay more than 6,000 billers via, credit or debit card with the option of same day processing.

“The demand for mobile bill payment is rapidly increasing as is the need to pay multiple bills in one place from any bank,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “Paying bills by credit card is also attractive to both reward seekers and consumers who need that bridge in between pay checks.”

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