Lemon Is Killing Wallets and Expense Reports with its New Android App and Business Tools
Having doubled to 2 million users in the two months since releasing its popular digital wallet platform, Lemon is extending its service to Android devices and introducing new features aimed specifically at business professionals. Users of devices running Android 4.0 Ice Cream Sandwich will finally get a taste of the delicious citrusy goodness to date reserved only for iOS users, while business user on both platforms can now submit digitized receipts to employers for reimbursement.
Consumers use Lemon to digitize and store copies of all of their important wallet “cards” including credit and debit cards, ID cards, insurance cards, membership cards, and even gift cards and coupons. With a simple picture, all the important details of these cards are captured through OCR (optical character recognition) and archived for later retrieval.
Lemon also offers a receipt archiving system which has been widely popular among consumers. Select information on scanned receipts is transcribed by the app automatically and for free including merchant name, date, and amount. A paid version of the app takes this one step further by recognizing and transcribing every line on a receipt.
By popular request, business users on both Android and iOS can for the first time use Lemon to manage and submit receipts to an employer for reimbursement. Through the Lemon for Business paid upgrade, which costs a one time fee of $9.99, consultants, contractors, and freelancers who cannot use enterprise expense report solutions such as Expensify or ExpenseCloud can now use Lemon to mark select purchase as business expenses and send a copy to the appropriate recipient for reimbursement.
Copies of these receipts are submitted to employers in a secure, trackable, storable and IRS-compliant format without the user ever having to complete an expense report again. The employer receives an email with a link to a user’s personal expense dashboard. There they can approve, deny, or request more information on each item.
“Our new Lemon for Business offering is designed to eliminate tiresome tracking and endless expense report paperwork that is burdensome for all sides of the reporting process,” says founder and CEO Wences Casares. “There are no hardware costs, no IT upkeep, and the app is highly secure, while also meeting IRS expense tracking requirements.”
Lemon uses what it describes as proprietary “government-caliber security technology” to encrypt and store all user information. On the device side, the app is password protected and no data is stored locally. Once saved on Lemon’s servers, the data is accessible from anywhere using a unique four-digit PIN.
The service has been incredibly popular, with the average user returning to retrieve stored information within the first 10 days of digitizing their wallet. In many cases, such as online shopping or when completing forms, Lemon is simply more convenient than having to find and sort through an overcrowded wallet. Since its launch late last year, Lemon has been about helping people declutter their wallet. With its newest release, the app will help professionals do the same for their expense tracking.
Casares described an exciting roadmap of planned product updates. Most excitingly, with the release of iOS 6 and Windows Phone 8, the app will likely gain time and location based notifications. For example, when a user passes by a merchant where they have an expiring coupon stored or when the time on a boarding pass is approaching, the app could send a notification. Also, Lemon plans to incorporate payment card management tools like balance check and possibly even payment tools.
A number of mobile platforms have teased forthcoming completing solutions in the card storage game. Apple debuted its Passbook when previewing iOS 6 for developers at WWDC this summer (iOS 6 is rumored to launch in September). Similarly, Windows Wallet will be available in October with the release of Windows Phone 8 offering information storage as well as NFC payment technology. Both solutions offer impressive functionality but are tied to single platforms and therefore more limited than Lemon which offers “everywhere availability.”
Lemon completed an $8 million Series A financing in June with participation from Maveron, Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson, The Social+Capital Partnership, and other angel investors.