Backers lose millions with Plastc

Plastc’s mission to build the most technically-ambitious smart card on the planet has ended abruptly, with the company declaring bankruptcy.

“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,” the company said.

The company, which started in 2014, raised more than $9 million from backers who funded the company through pre-orders.

Without shipping any of the pre-orders, Plastc is now exploring options to file Chapter 7 Bankruptcy and ceased operations on 20 April.

What this means for backers

“The support of our amazing backers has been incredible, which makes this announcement even harder,” said Plastc.

“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.”

Plastc said it was disappointed and emotionally distraught to have to close the business without producing the promised card.

“We know this is extremely disappointing for you, and we want our backers to know that we did everything we could to make Plastc Card a reality.”

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Backers lose millions with Plastc