Stripe is a leading online payment company that is leading an investment in a smaller online check-out company called Fast. This San Francisco-based Fast announced a $102 million funding round on Tuesday, just a few months after launching its first checkout product. Series B was led by Stripe and Addition, with participation from Index Ventures and other existing investors.
Fast’s co-founders believe that their mission is to improve the online checkout process for consumers worldwide. With even more people turning to buy online during these uncertain times, it has become clear that checkout hasn’t significantly changed in three decades, and customers are understandably frustrated. Fast’s one-click checkout will make it easy for people to buy things online: no more long forms, no more passwords, no more complicated purchase experiences. Fast is here to bring one-click checkout to the 5 billion global users of the internet and eliminate the need to remember or log in with passwords in the process. After shoppers sign up once, they will be able to seamlessly use Fast Checkout on any website with Fast installed. And unlike anything else on the market, Fast one-click checkout will work on every site, every device, every platform, and with any bank. Fast. Easy. Safe.
The company’s funding from Stripe comes amid a backdrop of booming online sales during the pandemic. Americans spent roughly 32% more online in the 2020 holiday season compared to the prior year, according to data from Adobe Analytics. Stripe, which also led the start-up’s Series A, is the underlying payments rails for Fast’s checkout product. Stripe was No. 1 on CNBC’s Disruptor 50 list last year and has raised its own war chest during the pandemic. In April, Stripe raised an additional $600 million that boosted its valuation to $36 billion. The digital payments company also highlighted the Covid-19 outbreak pushing the economy online and said several years of offline-to-online migration were compressed into several weeks.
“We’re so grateful for this investment, particularly in these difficult times, because it validates our approach and will enable us to accelerate development efforts and build out our team.” claim the Fast’s founders, Domm Holland and Allison Barr Allen. By the end of this year, Fast will grow from 20 to more than 60 employees.