At this time in 2021, online checkout service provider Fast was on track to be the next fintech superstar. With multiple nine-figure venture capital raises bringing in plaudits including imminent unicorn status and high-profile partnerships, it seemed that the one-click-checkout company was enjoying momentum that would carry it somewhere remarkable.
As of April 2022, we can see just where that momentum led: right off a cliff. In a move as rapid as the company’s rise, Fast announced that it is closing its doors, leaving investors scratching their heads.
For those in the know at Fast, the closure is less of a surprise. Chief Executive Officer and Co-founder Domm Holland was typically sunny about the company’s work, saying in a statement, “Sometimes trailblazers don’t make it all the way to the mountaintop.”
Contrast that with a statement by a Fast employee who chose to remain anonymous: “We waited too long and we ran out of money. What was acceptable revenue and burn and prospects for growth in the summer of 2021 looks very different in April of 2022.” Indeed, given Fast’s reputed $10 million monthly burn and sluggish revenue totals, it seems that even in today’s hot fintech market, there are some operational problems that even a massive influx of VC cash can’t fix.