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April 5, 2022 06:40 pm

Fast, the Troubled Fintech Startup, Is Shutting Down

One-click checkout startup Fast is shutting down entirely and will discontinue its products and brand, The Information reported Tuesday, citing people familiar with the matter. From the report: It's a stunning collapse for a fintech company that had raised $120 million in funding from backers including payments giant Stripe, Index Ventures and Lee Fixel's Addition. Fast has been aiming to transform online shopping by making it easier to check out across a wide range of stores. But after failing to generate more than a sliver of revenue -- and spending wildly on hiring hundreds of employees -- the company was in desperate need of a new investor or a buyer. The company had hired Morgan Stanley to run an auction and explore options. Meanwhile, it had just weeks' worth of cash left to spend. Some Fast engineers will be offered an opportunity to work at Affirm, whose software lets people buy goods and pay for them in installments, according to two other people familiar with the matter. The number of potential job offers couldn't be learned.

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