Tech

After three years, Plastc goes bankrupt, leaving backers without a product

After three years, Plastc goes bankrupt, leaving backers without a product

It was heralded as the next big all-in-one payment card: It could hypothetically store the details of 20 different debit or credit cards, sported an E-ink screen, and dazzled many tech enthusiasts with its super slim 0.8 millimetre width.

So, what about all that money that Plastc took from its customers? In fact, the Twitter account @PlastcDelayed predicted Plastc's demise back in December when it urged backers to get a refund before the company shuttered.

A later update advises disappointed backers to keep copies of all their communications with Plastc on file.

According to Crunchbase and other public records, Plastc's venture backers invested $4.3 million (£3.3 million) in the company. Of these, IncWell and Greyhawk Capital list Plastc among their portfolio companies, while Peninsula Ventures partner Gregory Ennis is listed as a Plastc board member. The smart card maker sent a message to backers (which now also graces the startup's homepage) announcing that it's "exploring options" for filing Chapter 7 and, more importantly, is shutting down all operations as of today. Sadly, with the turn of events, the company has had to let its staff go and has also shut down or discontinued use of its social media channels.

British lawmakers back PM May, give resounding approval to snap election
United Kingdom network ITV has already pledged to hold an election debate, with or without the current prime minister. She's nearly certain to win the motion given that opposition legislators also support an early election.

The company began taking pre-orders back in 2014, taking 80,000 pre-orders and raising $9m (£7m) as a result - according to Magnify Money. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase.

Word that the investor was backing out apparently only came down yesterday, leaving the company "extremely caught off guard". Their initial goal to raise $50,000 was met in 40 minutes, and they ended up with roughly 350,000 backers, a clear indication that the concept of this type of device resonated with a lot of people.

With that, all backers' money is lost, and no Plastc cards will ship.


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