By John Reynolds on Monday 30 March 2020
The funding will be used to grow its product and engineering teams as well as the launch of Fast Checkout.
US payments company Stripe has led a $20m (£16m) funding round for Fast, a San Francisco-based platform that allows users to make speedy online transactions.
Fast was founded last year by Alison Barr Allen, previously Head of Global Product Operations at Uber, and Domm Holland, an entrepreneur who latterly worked as a Technologist at ITV in Australia.
Fast has developed a one-click sign-in and purchasing platform that it believes meets customer demand for fast purchases. It wants to make logging in faster for users as well as making it easier for them to check out at online stores.
Stripe, which was founded by Irish entrepreneur brothers John and Patrick Collison (pictured), led the $20m (£16m) payment round, with additional funding from existing investors Index Ventures and Susa Ventures, the two venture capital firms.
The latest funding round follows $2.5m (£2m) in seed money Fast raised last year led by Index Ventures and Susa Ventures.
Fast said this latest funding would be used to help out with the launch of Fast Checkout, a tool which allows customers to complete a purchase with just one click on a browser, platform or device, as well as bolstering its product and engineering teams.
Holland created Fast when his son was briefly hospitalised and his wife’s grandmother was helping the family by purchasing groceries online. A supposedly quick transaction turned into a time-consuming struggle when Holland’s grandmother-in-law couldn’t remember her password or reset it.
“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.”
“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 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.”