Online payments service, Fast announced that it is shutting down its operations with effect from Friday, 8th April 2022.
This happens after the company ran out of funds after failing to secure additional investment quickly enough in what had become a tough fundraising environment,
The shutting comes just after the company Stripe invested $20 million in the company’s series A round in 2020. The company had raised a total of $120 million, with other major investors including Index Ventures and Lee Fixel’s Addition.
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.
The company was last valued at around $580 million, measured on a post-money basis.
The company has raised $124.5 million since its 2019 inception, according to Crunchbase.
Fast offered two products — Fast Login and Fast Checkout — both of which employ one-click, sign-in and purchasing experience through any browser, device or platform.