The Woolet Wallet Review

Is this wallet a scam?

The Woolet Wallet is another success story from Kickstarter that promised a fantastical Smart Wallet with features including GPS Tracking, and self-charging capabilities. But as backers flooded to crowdfund the project, it quickly became apparent that something wasn’t quite right. Weeks turned into months and as Woolet failed to deliver on their promise of the perfect smart wallet, backers quickly turned sour, turning against the brand in fury as it slowly became clear they’d never receive their wallet. 

The Woolet Wallet isn’t the first instance of crowdfunding scams found on sites like Kickstarter and IndieGoGo. In fact, there’s a long history of specifically smart wallets failing to deliver on their products including the likes of  Volterman, and Cashew. The question is, why do these smart wallets keep scamming people? And why is Woolet still online promoting, trading, and still allowing people to purchase a wallet, that as far as I’ve found, is yet to even exist? The Question remains - Did Customers get the Wool pulled over their eyes by Woolet?

What is the Woolet Wallet?

Woolet first came onto the scene back in 2015 where they launched their first Kickstarter campaign. At the time, the evolution of smart wallets was still in its infancy and people jumped on to support the project with Woolet raising a massive $300,000. The Woolet Wallet (and range) offered many amazing features. This not only included the likes of an attractive slimline wallet with ample cash/card storage, but also Smart features such as GPS Tracking, mobile charging, and great quality using full-grain leather.

Their own integrated app was also meant to set the standard for smart wallets everywhere. Woolet suggested the free app takes ‘just seconds to set up’, and with a nifty, attractive, and easy-to-use interface. As we’ll discuss in this article things weren’t exactly as they were initially described. As of present, Woolet has attended to get other wallets of there’s crowdfunded to little success.

The Evidence is in…

It would be unfair of me to label a wallet as a scam without compelling evidence. But the deeper I dig the more evidence I find that Woolet isn’t actually fulfilling any orders for their wallet and more and more people are left out of pocket. Those people who did receive something in the mail received a watered-down version completely different from the product that was advertised.

The most compelling evidence comes directly from the Kickstarter backers of Woolet’s original crowdfunding campaign. You only need to browse through a few comments, some dating back years, to clearly see something isn’t right. Below is just a few handpicked comments from backers:

‘Didn’t receive it yet, why? whenever I send a Facebook msg to them they always reply it’s not shipped yet. why arent you are guys sending mine while sending it to others? I don’t get how things are done here. seriously, if you guys see this comment please mail me and give me the exact date of when it’s going to be delivered. I’m so sick of coming here to just check what’s going on with my order’. - Harold K.

‘I have to agree with the recent comments - the wallet - really bad quality for the price. the ‘device’ in the wallet, 12% battery on arrival drained within a day, will not charge, have chased a dozen time for there version of the charger to be delivered in the hope it will recharge, but I’m doubtful as have at least 4 different chargers which don’t want to charge this thing’  - Pablo L.

‘Seriously poor product, the changes in direction because of the charging have caused it to delay, but hey, items arrived eventually (well not everything of course), what a let down poor product, badly constructed wallet, if this is there the idea of the finest quality heaven help them’. - Niel P. 

Even more evidence…

Another piece of evidence for Woolet being a scam is the complete lack of online presence regarding the existence of it. YouTube is a place where you can basically find reviews of every and any product under the sun. Many reviewers exist that dedicate themselves to review products such as the Woolet but a quick search reveals that no such reviews or unboxing videos exist. You’re telling me that in over 5 years not a single person uploaded a video showcasing, reviewing, and using the Woolet - something is definitely not quite right there. 

Finally, we need to talk about other places across the internet that are showing anger regarding the Woolet wallet. A Facebook page set-up called ‘Woolet Fail’ was a place for backers to congregate in discussing the Woolet wallet. Other places, including TrustPilot, Reddit, and Forums all confirm that either the wallet doesn’t work as intended, or people have still yet to receive anything years later. 

Final Verdict

The evidence is in and we believe you should be careful if you’re considering the Woolet Wallet. There’s every chance Woolet has got their act together, it was simply teething issues with a successful campaign, and they improved upon the issues of a poor product. But in my opinion, that’s still a risk. Until we see Woolet’s online presence, in terms of reviews, change I recommend you remain fearful with the Woolet Wallet.

We have many other articles outlining the array of Kickstarter scams, intersting stories and the history of wallets on kickstarter that have come and go on the market over the past decade or so. Make sure, when you’re looking for a smart wallet, to do your own due diligence and keep safe from potential scams.