Stripe is leading a $20 million round of Series A funding for Fast, a San Francisco-based startup that allows one-click checkout from e-commerce sites.
The funding round includes participation from Index Ventures and Susa Ventures. Funds will be used to accelerate the global rollout of the company’s Fast Checkout technology as well as boost hiring for its product and engineering teams.
“Our mission is to make online consumer interactions fast and easy and safe,” Domm Holland, co-founder and CEO of Fast, told Mobile Payments Today in an interview. “That’s all consumer transactions, that’s every time you login, anytime you register, anytime you pay, anytime you share data.”
Holland, a serial entrepreneur from Australia, co-founded the company in 2019 along with COO Allison Barr Allen, a tech investor who previously led global product operations at Uber Money. Holland originally got the idea to launch the company in 2018, when his son was in the hospital and his wife’s grandmother struggled to shop online for groceries with all the password and personal data requirements.
The platform, which is scheduled to launch over the next few weeks, operates with various retailers and other merchant partners and requires customers to perform a single click to check out a purchase.
Creating a seamless consumer checkout experience has long been a focus in the e-commerce space. Consumers often must memorize multiple passwords for various shopping and payment apps and are required to fill out multiple fields with names, addresses, payment data and other personal information.
Stripe CEO Patrick Collison tweeted about the issue Thursday morning following the funding announcement, asking “shouldn’t online services default to supporting ‘login with password’ and ‘login with email link’ rather than assuming that users should not even try to remember passwords.”