Fast, the world’s fastest online login and checkout experience, today announced a $102 million Series B funding round led by Addition and Stripe, with participation from existing investors Index Ventures, Susa Ventures, Sugar Capital and Jaren Glover. The investment brings Fast’s total funding to $124 million, following its $20 million Series A raised in March 2020 and a $2.5 million pre-seed round from October 2019.
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After the successful launch of its flagship Fast Checkout product in September 2020, Fast is now available to millions of WooCommerce and BigCommerce sellers, with plans to expand to numerous e-commerce platforms and major online retailers in the coming months.
With this latest round, Fast will double down on product expansion, reaching even more sellers through new use cases such as subscriptions and one-click online media purchases. Fast will also move into more markets outside of the United States. Additionally, the funding will power continued hiring of top talent – Fast grew from a team of just two Co-Founders at the start of 2020 to 90 people today and has plans to reach more than 200 employees by the end of 2021.
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Fast Checkout offers a one-click purchasing process that takes less than a second, without requiring a password or manually inputting information for every order. Buyers are automatically signed up for Fast after their first purchase, making future shopping effortless on any website with Fast.
Sellers can also place Checkout on individual product pages, enabling buyers to forego the cumbersome shopping cart process altogether. This groundbreaking approach has meant sellers deploying Fast Checkout have seen dramatic increases in sales. After installing Fast Checkout, Saddleback Leather saw its overall website conversion soar by 65%.
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