Fast, the world's fastest online login and checkout experience, today announced a $20 million Series A funding round led by Stripe, with additional participation from existing investors Index Ventures and Susa Ventures. Fast will use the investment to 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.
"This funding rapidly accelerates Fast's ability to improve the checkout process for billions of people and businesses around the world," said Fast CEO and Co-Founder Domm Holland. "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."
Fast Checkout will launch in the coming weeks and complement Fast Login, Fast's free-to-use one-click login tool. With Fast Checkout, consumers are able to complete purchases with a single click on any browser, platform or device. In 2019, the $3.5 trillion global e-commerce market struggled with shopping cart abandonment for up to 80 percent of potential purchases, largely due to friction during checkout. At the same time, consumers are forced to fill out an average of 23 fields just to make a single online purchase. Fast eliminates the frustration of remembering passwords and inputting payment information. Purchasing once with Fast Checkout enables secure, one-click transactions on all Fast-enabled sites.
"Fast is taking a novel approach to improving the login and checkout process for online businesses," said Jordan Angelos, head of corporate development at Stripe. "We support their vision to remove friction from internet commerce wherever possible."
Fast was co-founded by Holland and COO Allison Barr Allen. Holland is a repeat entrepreneur who has founded and led multiple companies in Australia. Allen previously led global product operations for Uber's Money Team and is an active angel investor.
Holland was driven to create Fast when his son was briefly hospitalized and his wife's grandmother was helping the family by purchasing groceries online. What was meant to be a quick transaction turned into a vexing, time-consuming struggle when Holland's grandmother-in-law couldn't remember her password or reset it. Fast provides the solution for people who are constantly dissatisfied by passwords and poor online shopping experiences.