Despite the amount of money raised, Plastc continually delayed the release of its smart payment card.
Plastc launched in 2014 with the promise of shipping a single card that could digitally hold 20 credit or debit cards that a user could switch between. Each card cost $155, and in its terms of conditions Plastc stated that pre-orders were "non-refundable".More news: Macron urges calm in wake of police shooting
Basically it sounds like the company's investors and potential investors made a decision 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. It found another investor willing to sink $6.75 million into the venture, but it backed out at the last minute.
"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.More news: Grieving Thomas leads all scorers in loss to Bulls
It was almost three years ago that Plastc burst onto the scene with promises of offering an advanced credit card that would surpass competitors like Coin. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out.
According to the company, it was expecting to close a $3.5m Series A funding round on 28 February this year, but the investment group backed out a few weeks later. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production. 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.More news: Cavs erase 26-point deficit for win
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