'Supercard' Startup Plastc Goes Belly Up, Screwing Thousands of Backers

Isaac Cain
April 21, 2017

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.

Basically it sounds like the company's investors and potential investors chose to pull out which meant that they were left without sufficient funds, but ultimately it seems that they weren't able to keep themselves afloat and had to shut down. Perhaps feeling the impending pressure and backlash, CEO of Plastc, Ryan Marquis has gone into hiding, deleting his Twitter and LinkedIn profiles. All that's left of Plastc's website is a notice titled "We Regret to Inform You." and the company's full statement, which you can read below. The company kept pushing back the release date of the cards, and today the other shoe finally dropped. Of these, IncWell and Greyhawk Capital list Plastc among their portfolio companies, while Peninsula Ventures partner Gregory Ennis is listed as a Plastc board member.

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

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

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. It's really no surprise that a company dependent on credit cards couldn't find a reason to make people care about its product. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart. It claims it also made progress with another investor offering $6.75m, however, this investor also backed out at the last minute earlier this week.

Plastc is just the latest contender in the "smart credit card" space to go out of business.

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