Fast claims to be the world’s quickest online login and check out experience.

Fast announced Thursday its Series A funding round worth $ 20 million. The round was led by Stripe though existing investors Index Ventures and Susa Ventures also chipped in. (Finextra)

Fast is a start-up based in San Francisco. It aims to make online shopping a wholly ‘one-click’ experience. It’s ‘Fast Login,’ a free to use one-click login tool, is already available to consumers.

Fast Checkout

It has under development another product, ‘Fast Checkout,’ which allows online shoppers to wrap up their purchases with a single click. In a statement, the fintech gave out the statistic that up to 80% of potential purchases were abandoned at the shopping cart in 2019 across the $3.5 trillion global e-commerce market.

The fintech plans to use its latest funding for increased hiring and to accelerate the global launch of Fast Checkout.

Enhancing the e-commerce checkout experience

“This funding rapidly accelerates Fast’s ability to improve the checkout process for billions of people and businesses around the world,” said CEO and co-founder Domm Holland. “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.”

Fast follow-up on November seed round

Fast got $ 2.5 million in a seed funding round in November. It has raised another $20 million within four months of that. That is significant coming as it does in the midst of a global economic slowdown triggered by the coronavirus.

According to TechCrunch, Stripe wants to simplify the online checkout process using Fast – in the process building a bridge to its own payment gateways.

The Fast universal buy button would in effect become the front end for Stripe. “Stripe’s job is to make it easier to accept payments. Our job is to make it easier to make payments and for consumers to interact with all companies online,” said Holland to PaymentsSource.

Moreover, in the context of the coronavirus, research by Rosenblatt Securities shows that payments technology companies may be the best positioned to weather the crisis. Physical shopping will shift in a very large measure to online as consumers seek to avoid infection at crowded malls and retail stores.

Painful checkouts made pain-free

The firm said in its funding announcement that consumers are forced to fill out an average of 23 fields just to make a single online purchase.

“We eliminate the frustration of remembering passwords and inputting payment information. Purchasing once with Fast Checkout enables secure, one-click transactions on all Fast-enabled sites,” the company said.

The service is may launch within some weeks.

The startup would make money through the difference between what it charges the checkout customer and what it pays to Stripe.

“Fast is taking a novel approach to improving the login and checkout process for online businesses,” said Jordan Angelos, head of corporate development at Stripe. “We support their vision to remove friction from internet commerce wherever possible.”

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