Checkout Solution Startup Fast Shuts Down

Two years after its launch, the online payment startup Fast is bankrupt.

“After making great strides in our mission to make buying and selling frictionless for everyone, we have made the difficult decision to close our doors,” CEO Domm Holland wrote in an announcement posted on the site. Company Web Tuesday, April 5.

In a separate message to consumers, Holland wrote that he and the company “regret to share that we will be ending Fast Checkout as a payment method for you to use on your favorite sellers.” He also noted that the service will completely end on April 15.

“Sometimes the pioneers don’t make it to the top of the mountain,” he wrote in the second ad. “But even in those situations, they are paving a path that everyone else will follow. Fast did this by bringing one-click, headless payment into the mainstream.

According to TechCrunch, Fast’s future had looked bleak since recent reports that the company’s revenue growth last year was weak – despite a $102 million Series B – while its expenses were high and its outlook dark fundraising.

Fast was co-founded by Holland and COO Allison Barr Allen. Holland has founded and run numerous businesses in Australia, while Allen ran global product operations for Uber’s Money team. Fast offered two products – Fast Login and Fast Checkout – both of which utilize a one-click login and purchase experience through any browser, device or platform.

Read more: Quick Races to Launch One-Click Ecommerce for the Masses

Speaking to PYMNTS in 2020, Holland said the company’s genesis began with a family crisis. His son was briefly hospitalized and his wife’s grandmother was in town to help the family. One of her tasks was to order groceries online, a simple task complicated when she couldn’t remember or reset her password.

“Fast forward to today,” Holland said. “There are more than a billion people [sheltering] in place in their homes, and mainly they order groceries online. I mean they order pretty much everything online. It’s just kind of ironic timing that the problem we were trying to solve that day was focused. So COVID is really kind of centered around our absolute skills, and so it’s a really fascinating event compared to a horribly tragic time.

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