A highly anticipated San Francisco-based startup that received millions in funding in 2021 has suddenly shut down after falling prey to slow growth, high burn.
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Fast, a financial technology company with a goal to transform one-click online payments, announced its permanent closure in a Twitter statement Tuesday. "Sometimes trailblazers don't make it all the way to the mountaintop," CEO and co-founder Domm Holland wrote.
The startup was once deemed a fast-growing ecommerce venture with high potential after raising $124 million in early-stage funding and receiving a $1 billion valuation, according to Forbes. However, trouble was looming as it was recently revealed the company only generated $600,000 in revenue in 2021.
Fast's decision to shut down was first reported by The Information, one week before the company officially announced its closure. According to the publication, Fast was telling potential new investors that the company was planning to cut hundreds of jobs.
Despite failing to dominate the one-click payment market, Holland claimed his company has succeeded in bringing headless checkout into the mainstream.
"Buying online has been forever changed by the incredible team at Fast," he said. "While you'll no longer see the Fast button at checkout, we are incredibly proud of our team we assembled and our work to democratize commerce through Fast's one-click checkout experience."
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