Digital payment technology provider Stripe has led a $20m series A round for Fast, the US-based developer of a rapid login and checkout system for e-commerce transactions.
Venture capital firms Index Ventures and Susa Ventures also took part in the round, having previously contributed to a $2.5m seed round led by angel investor Jon Hammer and also backed by VC firms Kleiner Perkins and Global Founders Capital.
Fast has created a system that combines a login mechanism that eschews passwords with a one-click checkout system called Fast Checkout which, when installed on websites, allows users to buy items with a single click.
Jordan Angelos, Stripe’s head of corporate development, said: “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.”
The company will allocate the funding to rolling out its technology worldwide in addition to scaling its engineering and product teams.
Domm Holland, co-founder and chief executive, said: “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.”
