Fast, a U.S.-based online login and checkout experience, announced on Thursday it secured $20 million through its Series A funding round, which was led by Stripe with participation from Index Ventures and Susa Ventures. Founded in 2019, Fast describes itself as a platform that enables users to “easily and securely access the world, without passwords.”
“Fast is built on trust, and we are dedicated to investing in the latest safety and security technologies to protect your information. We commit to only sharing data when you choose to do so. We’re committed to building products and services on top of a robust infrastructure that leverages the latest and greatest safety and security technology.”
Fast reported it will use the investment to accelerate the global out of its Fast Checkout, which is a universal one-click purchase product for e-commerce. The company revealed Fast Checkout will launch in the coming weeks and complement Fast Login.
“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.”
Speaking about the investment, Fast CEO and Co-Founder, Domm Holland, stated:
“This funding rapidly accelerates Fast’s ability to improve the checkout process for billions of people and businesses around the world. 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.”
Jordan Angelos, Head of Corporate Development at Stripe, concluded:
“Fast is taking a novel approach to improving the login and checkout process for online businesses. We support their vision to remove friction from internet commerce wherever possible.”