'Trialblazing' online checkout startup Fast shuts down
Fast, a startup that provided online checkout products, is no more.
This follows on from reports indicating that its 2021 revenue growth was less than impressive, its cash burn high and its fundraising options limited.
In an online statement, co-founder Domm Holland said: “After making great strides on our mission of making buying and selling frictionless for everyone, we have made the difficult decision to close our doors. With that, we regret to share that we must discontinue Fast Checkout as a payment method for our sellers.”
He added: “I will be forever grateful to those who shared our vision for improving the system of buying online and who refused to settle for the status quo.”
Fast posted a six figure revenue total in 2021, despite raising a $102 million Series B led by Stripe.
The company’s burn rate was said to be as high as $10 million per month.
Holland was. however, defiant until the end.
“We created an incredible global community of sellers over the past 19 months – and we are deeply grateful that you took the leap of faith and joined Fast in this journey. We are grateful for the vision you shared with us about how we can improve and modernize commerce,” he commented.
“Sometimes trailblazers don’t make it all the way to the mountain top. But even in those situations, they pave a way that all others will follow.”
“Fast has done that with bringing one-click and headless checkout into the mainstream. Buying online has been forever changed by the incredible team at Fast. The dedication, brilliance and spirit of this remarkable team is unparalleled and will forever be the legacy of Fast.”
