A few years ago, there was a lot of buzz about the promise of "smart" credit cards, which were supposed to combine lots of different credit cards into one product, with the help of smartphone apps and NFC chips. This follows a failure to close on two seperate funding rounds for $3.5 million and $6.75 million.
Plastc, the card we all wanted in our wallet, is going out of business.
No one can really know what went wrong with Plastc after its initial presale secured $5.2 million, but it seems at some point the firm ran out of money and even tried to secure more in February 2017 and April 2017.
Basically it sounds like the company's investors and potential investors chose to pull out which meant that they were left without sufficient funds, but ultimately it seems that they weren't able to keep themselves afloat and had to shut down. The company kept pushing back the release date of the cards, and today the other shoe finally dropped.
"For the past three years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet", the company said in a statement.
"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", reads on its website. Its customer care and social media channels have also been shut down. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart.
What This Means For Backers: It's been a long road with a lot of obstacles. The message on the company's site stated simply that "we will not be able to fulfill any pre-orders" but gave no indication that it will be offering any refunds for its non-existent $155 smart card.