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Take the Money and Run – Plastc Swipes $9Mn
Plastc was touted as the smart payment card for thin wallets – one that could store all your credit card details on a single card. And demand was high. Since 2014, the company had raised about $9 million from 80,000 pre-orders.
Yet, no cards were ever shipped and this year two new investors backed out at the last minute. One investor was willing to invest $3.75 million, while the other was to invest $6.75 million. The company said it needed the new funds to start its card production, though it’s unclear why the initial $9 million in funds wasn’t sufficient for the company to ship out even a first wave of cards.
Bottom Line: With no money on hand, the company laid off all its employees and officially shut down yesterday. Another pipe dream gone awry.
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