Details
Witten by: RJ
Plastiq has filed chapter 11 bankruptcy in Delaware.
Priority Technology Holdings is emerged as a stalking horse bidder to acquire Plastiq
VTF reports – This is not a liquidation, and if all goes according to filings in day one proceedings there shouldn’t be an interruption in service.
Thoughts
Bankruptcy is reportedly linked the SVB collapse. Even with the collapse, the issuers and payment networks have been hassling Plastiq for about two years now. Making the service almost useless from its original goal of being able to pay everything with a credit card. Sure, you can still use it but the big ticket items have all been removed.
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