Payments start-up Plastc goes bust
Plastc, a US fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy.
“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.
The company was set up in 2014 and has raised over $9 million through pre-orders.
As mentioned above, Plastc promised one card that users could digitally store up to 20 cards on and switch between them.
However, no cards have been shipped to clients. It is very unlikely that any money will be returned for the pre-orders.
All Plastc employees have been laid off, and customer care and social media channels have been closed down.
According to the company’s website, its team is “disappointed and emotionally distraught”. It assures that it did everything it could “to make Plastc Card a reality”.
However, the company’s plans to raise $3.5 million in funding this February fell through, and so did another potential deal to get a $6.75 million investment – and this contributed to Plastc’s demise.