Plastc (not to be confused with Plastiq) has announced that they are exploring operations for bankruptcy and that they have ceased operations on April 20th, 2017 (today). Plastc blames this on a failure to secure a series A funding round, citing two times they had deals in place that were pulled at the last minute.
For customers that pre-ordered a Plastc card, this pre-orders will not be fulfilled. Plastc was one of many “all in one” credit card solutions that were “launched” in early 2015 (Coin, Plastc, Wallby & Swyp). The idea being that you could load multiple credit cards into a single card and then easily switch between these cards. The issue with that was always going to be that when they were first mentioned they lacked EMV & NFC support. Plastc had continually delayed shipment of pre-orders and changed their business model.
If you did pre-order Plastc, chances are that you’ll never see that money again (Update: readers are having success filing a chargeback. It’ll be interesting to see if that sticks or not. At the very least it’s worth trying). It will be too late to file a credit card charge back and you’re considered an unsecured creditor and by the sounds of it Plastc has no money. There is always significant risk when pre-ordering products such as these and that is something that is often not realized by consumers.
