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Smart Card Plastc Reports Bankruptcy, 80K Backers Get Zilch

Smart Card Plastc Reports Bankruptcy, 80K Backers Get Zilch

Plastc, Inc.is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017. It's really no surprise that a company dependent on credit cards couldn't find a reason to make people care about its product. The company raised more than $US9 million ($12 million) in pre-order sales, according to a Magnify Money blog, when it launched in 2014.

Plastc, a U.S. fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy. Each card cost $155, and in its terms of conditions Plastc stated that pre-orders were "non-refundable".

Ravens Release Full 2017 Schedule
The Ravens get their first home Monday Night Football game in five years and just their second in the past decade. Through the season, the Ravens will play four primetime games, three of which will be at M & T Bank Stadium.

Plastc goes the same way as Coin, another hotly-tipped startup that promised one card to rule them all, and similarly shut down previous year. This follows a failure to close on two seperate funding rounds for $3.5 million and $6.75 million. The principal investment group postponed, then eventually terminated its round of funding according to the company.

The company shut down its @PlastcInc Twitter handle in the last 24 hours and deleted the PlastcInc Facebook page.

Two Non-Bailable Warrants Against Zakir Naik In Two Weeks
It also said that he has allegedly been inciting Muslim youth and terrorists in India and overseas to commit acts of terror. Earlier, the court had sent four summons to Naik, who is in the UAE, to present before it but he didn't appear.

Plastc is just the latest contender in the "smart credit card" space to go out of business. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. While it is only a matter of time before the website shuts down for good, the company has left a parting message for its backers stating that they are "disappointed and emotionally distraught" and that they did everything they could to try and make it a reality.

For backers, the news gets worse.

Skrillex Detained By Police For Playing Music Too Loud
Skrillex was detained by police in Los Angeles last night (April 19) for allegedly playing music too loud in his auto . Twitter user Colby Lila Kline shared clips of the incident on her page.

Anyone who is deciding to take a chance and back any kind of a startup through a crowdfunding campaign should go in assuming that the product will either fall short of the hype or that it may never ship.


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