One of the intriguing things about recent times is that even though there is lockdown everyone and people are not allowed to go outside for work, there are still reports of funding and acquisition which should tell you that business is on, as usual, is in the VC market. Now, the latest report about funding is from Stripe which should be known to many as the online platform for payments. It should also be clear that since Stripe is an online payments platform, it will also be interested in investing in startups that are working on similar ideas.
Therefore, the report mentions that Stripe has led a Series A round of funding for $20M in a startup named Fast which works on the universal checkout for e-commerce portals. Now, it must be noted that some e-commerce platforms such as Amazon and Walmart are having their own checkout process whereas a vast majority of e-commerce portals don’t have the same and they rely on third-party portals for checkouts. Thus, this e-commerce startup named Fast is working on platform-agnostic login and checkout services.
Fast’s CEO says that they want to “make logging in far quicker, and also wants to help you check out at online stores more simply, and, as before, rapidly”. It is also said that they want “to be the intermediary for all consumer interactions,” which the CEO broke down as a “fancy way of saying we want to give you one-click login, one-click payments, one-click data everywhere.”
Explaining the idea behind Stripe’s funding round in Fast, TechCrunch says that if “Stripe has built a way for lots of digital stores and businesses to accept payments, Fast wants to build the equivalent consumer solution for the other side of those transactions”. This makes it clear why Stripe wants Fast to become successful in the near future.