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. Plastc, the company that promised to put all of your credit cards on one chunk of plastic, is officially dead. Its first option, a $3.5 million Series A round, fell through. Backers will likely have questions and want their money back, but with no one to turn to from Plastc, they'll likely be out the cash.
Representatives for Plastc couldn't immediately be reached for comment.
"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. 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. Despite the amount of money raised, Plastc continually delayed the release of its smart payment card.
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For backers, the news gets worse. 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.
The support of our wonderful backers has been incredible, which makes this announcement even harder.
"We were so incredibly ready for production 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". The company said that it is "disappointed and emotionally distraught, and while we know this is extremely disappointing for you" referring to the 80,000 hopeful who supported Plastc's vision and lost their financial investments, it "did everything (it) could to make Plastc Card a reality".