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PSA: Plastc anounced bankruptcy.

-12 Deal Score
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I just received email from them. Facebook and Tweeter downed.
Their home page is now just an apology.
I know we talked about this card before and I also pre-ordered one. Let see if we can fight to get any refund, but I doubt.

http://plastc.com
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Joined Nov 2005
L3: Novice
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#2
Not a deal but needed attention.
Facebook and Twitter accounts both closed. What a scam.




www.plastc.com




Important Notice
We Regret to Inform You...
For the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. 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.
Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017.
While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, 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.
How We Got Here:
We were expecting to close a $3.5 million Series A funding round on February 28, 2017. There are functioning Plastc Cards, which were demonstrated to our investors and our backers, and the capital was to be allocated for the mass production and shipping of Plastc Cards to pre-order customers. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart.
After the initial funding was unavailable, Plastc made progress with another investor who offered $6.75 million. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase.
However, once again at the very last minute, our investor gave us notice that they have decided rescind their investment offer. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production.
What This Means For Backers:
It's been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. 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.
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.
- Plastc Inc.
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Joined Apr 2007
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#3
Important Notice
We Regret to Inform You...
For the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. 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.
Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017.
While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, 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.
How We Got Here:
We were expecting to close a $3.5 million Series A funding round on February 28, 2017. There are functioning Plastc Cards, which were demonstrated to our investors and our backers, and the capital was to be allocated for the mass production and shipping of Plastc Cards to pre-order customers. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart.
After the initial funding was unavailable, Plastc made progress with another investor who offered $6.75 million. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase.
However, once again at the very last minute, our investor gave us notice that they have decided rescind their investment offer. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production.
What This Means For Backers:
It's been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. 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.
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.
- Plastc Inc.
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Joined Sep 2003
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#4
Thanks for sharing.

Many people already thought of Plastc as a scam over half a year ago. A stickied post [reddit.com] from 09/14/2016 from the Plastc subReddit states "Due to recent news, this subreddit will now be treating Plastc as a scam. DO NOT PURCHASE IT! If you decide to purchase a card, you run the risk of losing your money. This is your official warning from the /r/Plastc sub. Thank you."

What's ridiculous is that a competitor, Coin, was acquired in 2016 and Plastc offered to do a $50 discount for trading in Coin for a Plastc preorder, stating, "As you probably already know, Coin has been acquired and will no longer make or update their existing products.But don't fret, because Plastc's got your back! Where Coin failed, we are determined to succeed: better tech, better design and better Customer Care.Coin may have turned their backs, but we're excited to add you to the Plastc Community and bring you to the cutting edge of FinTech!" (source [plastc.com])

Tofu Vic
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Last edited by TofuVic April 20, 2017 at 01:02 PM.
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Joined Apr 2006
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#5
This should probably be moved out of Hot Deal (maybe Deal Talk)

But this really sucks.. I was really looking forward to this card. Lost $135 :/
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Joined Nov 2006
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#6
What problem does this solve when you can just pay with a cellular phone?
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Joined Mar 2008
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#7
This is unfortunate, but understandable considering the rise of mobile wallets.

I reserved a Swyp card, but I think I'll go cancel that pre-order (2 years ago or so!) just in case. Plastc was the bigger name, and if they went bankrupt, I'm sure a lot of the other smaller companies making similar products could have the same result.
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Joined Jul 2006
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#8
Quote from buzz86us
:
What problem does this solve when you can just pay with a cellular phone?
The vast majority of places I go don't accept NFC payment, and I don't use a Samsung device so I can't use their weird strip-emulator tech
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Joined May 2008
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#9
I 'almost' bought into this or one of the other similar types.... glad i didnt
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#10
Quote from buzz86us
:
What problem does this solve when you can just pay with a cellular phone?
You still can't pay with NFC everywhere and with EMV chip requirements now, even Samsung phones (with integrated magnetic field generation) fall short. Plus parking ramps, gas pumps, atms, and many other "insert card" pay station terminals make it impossible to get by without at least one card.

This card was supposed to eliminate the need to carry 10 cards around in order to maximize your savings/points. For example, I need my RED card for 5% at Target, but I have a different credit card for gas, for dining, for groceries.

I am super bummed about Plastc. Not really about them "swindling" me out of my $75; as an early backer in search of a deal, that's a risk I took. But because I really wanted that card.

Question is where to turn now. Coin and Stratos are dead by my understanding. Swyp is probably the last hope.
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#11
Quote from LightningDemon
:
I 'almost' bought into this or one of the other similar types.... glad i didnt
Same here. I love the idea, but had a weird feeling we aren't quite there yet, so I held off. Hopefully in the not too distant future...
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#12
Quote from abstraxion
:
The vast majority of places I go don't accept NFC payment, and I don't use a Samsung device so I can't use their weird strip-emulator tech
Samsung Pay is pretty awesome. This is from an Apple fan.

Apple Pay was great, but Samsung Pay took it 2 steps forward by buying the "weird strip-emulator tech" from another company and implemented into Samsung Pay.

Wished Apple had bought the company instead.

One of the main reasons, I now use a Samsung device.
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#13
Well...glad I didn't pre-order. I did want one though.
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#14
Was able to still find the link working and placed 3 more pre-orders just in case. Can't hurt to have them on record before it's too late.
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Joined Nov 2011
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#15
Seriously though, I do still believe there is a market for an all-in-one card. At least, I really want one... Maybe this? https://www.getmyone.com/
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