Plastc launched in 2014 with the promise of shipping a single card that could digitally hold 20 credit or debit cards that a user could switch between. The company raised more than $9 million through preorders, and today, after shipping to no backers, the company said it’s planning to file for bankruptcy and will shut down.
With that, all backers’ money is lost, and no Plastc cards will ship. Plastc announced the news on its website today along with the fact that all its employees have been laid off. Its customer care and social media channels have also been shut down.
The team writes that it’s, “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.”
The company explains that it thought it would close $3.5 million in funding in February this year, but that fell through. Another possible investment deal of $6.75 million fell through, too. What’s not clear is how more than $9 million wasn’t sufficient to get backers their orders. 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.
Uber recently sold its Southeast Asian business to rival Grab. Uber will take a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Many billed the retreat as another failing for Uber. But I see it as the mark of success of the Southeast Asian startup ecosystem.
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The Organization of the ...