- Online login and checkout experience company Fast announced it raised $20 million in a Series A round of funding led by Stripe
Online login and checkout experience company Fast announced it has raised $20 million in a Series A round of funding led by Stripe with additional participation from existing investors Index Ventures and Susa Ventures.
With this funding round, Fast will accelerate the global rollout of Fast Checkout, its universal one-click purchase product for e-commerce, and to further grow its product and engineering teams.
Fast Checkout is going to launch in the coming weeks and complement Fast Login — which is Fast’s free-to-use one-click login tool. And with Fast Checkout, consumers are able to complete purchases with a single click on any browser, platform, or device.
The global e-commerce market is estimated to be valued at about $3.5 trillion as of last year according to eMarketer. However, a number of e-commerce companies struggled with shopping cart abandonment for millions of transactions largely due to the friction during the checkout process. In some scenarios, consumers have to fill out over fields to make a single purchase. With Fast, e-commerce companies can set up one-click transactions.
Fast was founded by CEO Domm Holland and COO Allison Barr Allen. Holland is a repeat entrepreneur who founded and led multiple companies in Australia. And Allen previously led global product operations for Uber’s Money Team and is an active angel investor.
Holland was motivated to create Fast when his son was briefly hospitalized and his wife’s grandmother was helping the family by buying groceries online. What was meant to be quick transactions turned into time-consuming struggles when Holland’s grandmother-in-law could not remember her password or reset it. Now Fast provides a solution for people who are constantly dissatisfied with passwords and poor online shopping experiences.
Key Quotes:
“This funding rapidly accelerates Fast’s ability to improve the checkout process for billions of people and businesses around the world. Now, more than ever, we need to dramatically improve the e-commerce checkout experience, which has remained stagnant for 30 years. We have an even greater commitment to fulfilling our mission of making buying online fast, easy and safe for everyone.”
-Domm Holland
“Fast is taking a novel approach to improving the login and checkout process for online businesses. We support their vision to remove friction from internet commerce wherever possible.”
-Jordan Angelos, head of corporate development at Stripe
