You’ve probably heard about the Stratos Card by now or seen the Facebook adds. The all-in-one credit card launched just in March of this year but it looks as they’re already on their way out.
The company was founded in 2012 by Thiago Olson and Chris Bartenstein. It had a few successful rounds of funding, totaling around six and a half million, but that seems to not have been enough and the company has allegedly run out of cash.
If you’ve never heard of this card, this is what it promised to do. The Stratos card connects to a smartphone that allows the user to add their cards to the Stratos app via swiping their cards through a reader. The card itself was able to switch between the users top three credit cards without the help of the app.
The card, which was designed to consolidate credit cards into one single card, and generally it worked as promised. To use Stratos, cardholders tap the device and press one of the three buttons, which allows the selection of a specific card. After that, the Stratos card works just like any other pay card and can be swiped through most retail POS. You can read more bout the card here.
Customers obtained the card through a subscription service that costs $95 a year (or $149 for two). For security, the card had both bank-level data encryption and a feature that allows for it to be disabled if it is out of proximal range with its owner’s smartphone for too long. When initially launched, the company did not offer chip-and-PIN tech on its cards, but the upgrade was said to be on the way.
But the Stratos card soon had many competitors offering similar products. What’s worse, it quickly became obsolete with all the mobile payment options that offer the same results without the need for a physical card.
They now seem to have disappeared. The company has stopped taking calls, answering questions and posting on social media. http://status.stratoscard.com/ is down and even their office space is up for lease, has been since October as per one reddit user.
TechCrunch says that the founders will be sending them a statement this morning. They want customers to know that they fully intend on fulfilling all orders and restoring customer support. They are currently exploring several avenues to do so.
Do you have a Stratos card or ever had one? Please share your experience in the comments below.