Digital payment technology provider Stripe co-led a $102m series B round for US-based online checkout technology developer Fast yesterday with growth equity firm Addition.
The round included venture capital firms Index Ventures, Susa Ventures and Sugar Capital in addition to private investor Jaren Glover, and it brought the company’s funding to more than $124m since it was founded in early 2019.
Fast has created a tool called Fast Checkout that is designed to make the check-in and payment process easier for online purchases. It is already used on e-commerce platforms WooCommerce and BigCommerce but the company plans to extend that out this year.
The capital will also support international growth, the addition of tools like subscriptions and one-click online media buying to the platform as well as a hiring drive intended to more than double the size of the Fast team to more than 200 by the end of this year.
Angel investor Jan Hammer led a $2.5m seed round for Fast in October 2019 that also featured Index Ventures, Susa Ventures, Kleiner Perkins and Global Founders Capital.
The startup added $20m in a March 2020 series A round led by Stripe and backed by Index Ventures and Susa Ventures.
Domm Holland, co-founder and CEO of Fast, said: “The positive response we have received from online sellers who have installed Fast Checkout has been overwhelming, and the funding we are announcing today will enable Fast to meet the demand to bring one-click buying to even more e-commerce stores.”
