Plastc goes belly up after swiping $9M from backers

21 Avril, 2017, 18:49 | Author: Claudine Rigal
  • After three years, Plastc goes bankrupt, leaving backers without a product

It was almost three years ago that Plastc burst onto the scene with promises of offering an advanced credit card that would surpass competitors like Coin.

Plastc, an all-in-one card and mobile app that promised to put an end to bulging wallets and revolutionise the way we pay, has filed for bankruptcy three years after launch without shipping a single product.

Representatives for Plastc couldn't immediately be reached for comment. By late February, the company shut down. Perhaps feeling the impending pressure and backlash, CEO of Plastc, Ryan Marquis has gone into hiding, deleting his Twitter and LinkedIn profiles.

Unfortunately it seems that the device has failed to take off because after 3 years and delays in shipments, the company has officially announced that they will be shutting down on the 20th of April and will also be filing for Chapter 7 bankruptcy.

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Furthermore, the company alleges that there are functioning cards which have been demonstrated to investors and backers. 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. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart. It found another investor willing to sink $6.75 million into the venture, but it backed out at the last minute. Despite the amount of money raised, Plastc continually delayed the release of its smart payment card.

"The support of our fantastic backers has been incredible, which makes this announcement even harder", said Plastc. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders.

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

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