Dive Brief:
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Fast, a digital login and checkout company, announced last week that it raised $20 million in Series A funding led by Stripe, with additional participation by Index Ventures and Susa Ventures.
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The funding will enable the company to introduce Fast Checkout, a one-click purchase product for e-commerce, internationally and to expand its product and engineering teams, the company said in a statement.
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The company will unveil Fast Checkout, a tool which allows consumers to complete purchases with a single click on any browser, platform or device, "in the coming weeks," per the announcement.
Dive Insight:
One of the retailers best known for using one-click transactions is Amazon, which reportedly saw its one-click tech patent expire a few years ago. But even as the concept of one-click buying expands to elsewhere, the e-commerce giant has continued its technological innovation by creating cashierless tech for its Amazon Go stores and selling that same cashierless tech to other retailers.
Citing a 2020 PYMNTS.com report in its press release which said consumers are forced to fill out an average of 23 fields to make one online purchase, Fast presents itself as a solution to online cart abandonment through its one-click software.
"This funding rapidly accelerates Fast's ability to improve the checkout process for billions of people and businesses around the world," Fast CEO and co-founder Domm Holland said in a statement. "Now, more than ever, we need to dramatically improve the e-commerce checkout experience, which has remained stagnant for 30 years."
But as Fast raises funding, other companies have been developing and introducing payment software, too. 7-Eleven debuted its mobile checkout technology in New York City stores last August. PayPal also unveiled its PayPal Commerce Platform, a customizable online commerce platform.
