The company behind the Plastc smart credit card is all set to file for bankruptcy and shut down. Plastc promised to develop a single smart card that will digitally store 20 credit or debit cards that a user could switch between. After being more than three years into the production Plastc creators have finally given up on the project despite taking $9 million in pre-orders from their customers.
The company announced this news on their official website saying, “We Regret to Inform You that for the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. After making enormous leaps in development, product innovation and progress towards our goal, Plastc has exhausted all of its options to raise the money it needs to continue.”
They later added, “While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, without the necessary capital to continue, all employees have been let go, which means that Customer Care and Social Media channels are unmanned or have been shut down.”
According to the Plastc, two recently failed investor deals lead the company to this phase. They were supposed to close a $3.5 million in funding in February which later fell apart. The second investor who offered them $6.75 million deal also decided to take back the offer at the very last moment.
This is a really disappointing news for all the backers who pre-ordered this product. It is very unclear what happened to the backer’s money, the $9 million should have gotten the backers their orders. The Customer Care and Social Media channels are also down.
Stay tuned for the updates.
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