As Fast’s co-founders, our mission is to improve the online checkout process for consumers worldwide. With even more people turning to buying 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.
Which is why we are very pleased to announce today a $20 million Series A led by Stripe, with Index Ventures also participating.
Fast is here to bring one-click checkout to the 5 billion global users of the internet and eliminate passwords in the process. Today it takes longer to checkout online than it does in person, and each individual manages more than 150 usernames and passwords. Password managers can help, but they still introduce additional steps and user friction to transactions, and need to be set up for each business.
With Fast, there’s no need for shoppers to remember passwords or repeatedly enter their credit card information. 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.
Why is it the right time for Fast? Online retail sales are growing quickly (up ~20% year-over-year to $3.5 trillion in 2019), and people are spending more time than ever on the internet (average 6.5 hours per day). However, only 11% of U.S. retail purchases are made online. Despite its conveniences, online shopping is rarely fast or easy – the average checkout experience requires 23 fields and takes nearly two minutes.
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. By the end of this year, Fast will grow from 20 to more than 60 employees.
Our team includes some of the brightest, most creative talent in tech, but we can’t do it alone. The next phase of growth will be a challenging but incredible experience. If you want to solve hard problems that affect everyone, come join us.
With gratitude and determination,
Domm Holland and Allison Barr Allen