Aussie-founded fintech Fast raises US$102 million

This funding follows a $US20 million Series A round in March last year

Aussie-founded one-click checkout startup Fast has raised a massive US$102 million in Series B funding, as co-founder and chief Domm Holland sets his sights on growth beyond being a mere payments solution.

The latest funding round was led by fellow payments fintech Stripe and venture capital firm Addition Capital.

Existing investors Index Ventures, Susa Ventures, Sugar Capital and Jaren Glover also contributed to the raise.

Founded in Silicon Valley in March 2019, Fast is headed up by Aussie Domm Holland and American co-founder Allison Barr-Allen.

The fintech allows e-commerce businesses to offer Amazon-style one-click checkout to their customers.

From just two people at the beginning of 2020, the business has grown to a headcount of 90 today.

This funding follows a $US20 million Series A round in March last year, and the launch of Fast’s flagship Checkout product in September.

Now, it counts the likes of Aussie e-commerce giant Bigcommerce and WordPress sales plugin WooCommerce as customers.

Launched during the COVID-19 pandemic, Fast is playing in two sectors that are booming: fintech and e-commerce.

Holland tells SmartCompany a fresh booster of funding will allow the business to continue to ride that wave.

The past year has made it clear that e-commerce will only continue to grow, at an even fast rate than previously expected, he says.

The plan is to use this funding to “aggressively go after every major online seller in Australia, the US and the planet”, the founder explains.

He wants to see Fast becoming a pervasive force in the e-commerce sector, with consumers “haranguing” their favourite e-commerce stores if they’re not using it.

But, he also sees the business as more than a payments solution. In a video posted to Twitter, calling on people to apply for roles at the company, Holland said the team is looking for people not only to build a fast payment solution, but to help “solve core, fundamental identity problems”.