As a result of the deal, LifeLock has launched a new app, LifeLock Wallet, which utilizes Lemons technology to help consumers manage and protect their digital identities. The maturity and robust nature of the mobile platform is just what LifeLock has needed to evolve and keep up with mobile-moving trends.
Available for iOS and Android, LifeLock Wallet offers the same functionalities as Lemon Wallet Plus at no charge as well as the security services already offered by the company.
Throughout its trajectory, Lemon Wallet has proven highly successful among consumers and investors alike. It allows users to save and digitally replicate all of the content in their wallets and has already received more than 3.6 million downloads. Its investment history includes an eight-million-dollar Series A round led by Maveron as well as backing from Lightspeed Venture Partners, Draper Fisher Jurvetson and The Social+Capital Partnership.
We interviewed Hilary Schneider, President of LifeLock, about the acquisition of Lemon and the process of selecting the mobile platform.
Clarisa Herrera: As a whole, what are your expectations regarding Lemon Wallet acquisition?
Hilary Schneider: LifeLock saw an opportunity to combine an innovative mobile platform – a digital wallet – with access to leading identity theft protection features. The innovation and expertise from a mobile-first company like Lemon gives us powerful new ways to engage with current and future members. The acquisition allows us to accelerate our product roadmap, add additional functionality and data to our platform, expand our market opportunity, better serve our members, and develop a more meaningful relationship with a broad set of consumers.
CH: What came first? The urge to find a comprehensive mobile platform to complement the company’s integrated identity protection service, or did Lemon’s powerful tool make the company realize they needed a mobile integration?
HS: After only a few conversations, both sides realized what a powerful combination we’d make if we joined forces to give them both the convenience of a digital wallet and easy access to LifeLock’s leading identity theft protection service.
CH: What were the main reasons that made Lemon different from other mobile platforms? Is there a reason why you picked a mobile wallet instead a different kind of mobile platform?
HS: For us, it’s really all about our consumers and offering great products that empower them to live freely in an always-connected world. Now, consumers have both the convenience of a mobile wallet and one-touch access to LifeLock’s leading identity theft protection service.
CH: Do you think the acquisition is a win-win deal because Lemon needed a security technology for their services?
HS: LifeLock’s core business has been and will continue to be dedicated to providing consumers with leading identity theft protection services. With the Lemon acquisition, we are expanding deeper into the mobile space, enhancing our capabilities to protect our members and providing us the opportunity to reach millions more consumers and new demographics.
CH: You may think the target of an identity protection service may be different from a wallet one, what target do you think LifeLock Wallet reach as a whole?
HS: Our target market for the app is any consumer with a wallet. Our consumer is now getting the best of both worlds – the convenience of a mobile wallet and one-touch access to LifeLock’s leading identity theft protection service.
CH: What is the business model behind Life Lock Wallet? Security features will be paid services? Do the basic Lemon features include security services LifeLock provides?
HS: The new LifeLock Wallet app provides all the current features of the Lemon Wallet app plus access to features which were previously paid premium services: credit card account balances and transactional monitoring and a credit card cancellation service in case of a lost or stolen wallet. Consumers also get one-touch access to add on identity protection services to their digital wallet. LifeLock and the Lemon teams will continue to innovate and evolve the services on the app to help consumers live freely in a digital world.
CH: What´s the strategy behind the decision to incorporate Wences as Head of Mobile?
HS: Wences will join LifeLock as the General Manager of Mobile. He and his talented team will operate within LifeLock to head our mobile group and focus on continuing to help LifeLock be a leader in mobile technologies. The Lemon Palo Alto team will join our Bay Area office and the Buenos Aires team will remain there.