Here is a new example confirming that it is better to wait for the release of a product before financing it with eyes closed. The Plastc project promised a lot: consolidate all its bank cards into one.
This “smart” card was mostly of interest in the United States, where consumers generally carry many credit and debit cards from several banks. Juggling between cards is a national sport, but painful in the long run … This is why a product like Plastc has an interest.
And the project has attracted many consumers. Plastc has recorded 80,000 pre-orders since their launch in 2014. But delays in delay, nobody has ever received any smart card. Three years later, still nothing. Plastc finally communicated officially to announce the bad news: the company has been bankrupt since April 20.
Money that has been useless
Plastc had raised $ 9 million from interested users. And the manufacturer will never make the money, despite several fundraisers from investors who eventually withdraw their money. However, these funds should have been used for the launch of production, defends the company. As to why the $ 9 million was insufficient to start making the product, we will not know.
Consumers could, however, expect to receive the pre-ordered product. After all, it was not a crowdfunding campaign where the money invested is likely to be lost forever. But Plastc has seen too big, or the company has not been able to properly evaluate the cost of development and production. In any case, it will not pay back.