The movement to have all-in-one cards in the hands of all has lost another disciple. Plastc, the company that had been seeking to develop and market an all-in-one card and mobile app, abruptly shut down, three years after launch, with no products debuted.
That shuttering, effective Thursday (April 20), comes after the company had obtained roughly $10 million from investors over two funding rounds, with orders from as many as 80,000 would-be customers for the cards. The initial products were slated to be brought to market as long ago as 2015. Those cards were promised to be able to store data from as many as 20 other cards, and each card cost $155.
The company said that it was filing for bankruptcy after funding rounds for more than $10 million fell through and that, according to a statement on its site, “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.”
"We are disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality."
Business Insider reported that the company also said that pre-orders were “non-refundable,” which in part has prompted some would-be customers to explore filing a class-action lawsuit.
Plastc’s demise is not without precedent. Fitbit shut Coin down earlier this year, and that company had also been seeking to introduce an all-in-one card.