Fast
One-click checkout is a feature, not a company. Burning $10M/month with $600K revenue is unsustainable regardless of vision.
2019 → 2022
$120M
Fintech/E-commerce
USA
IdeaProof AI Failure Score
What Happened: The Timeline
2019
Fast founded by Domm Holland
2021
Series B: $102M from Addition (Lee Fixel), $580M valuation
2021
Peak: 400 employees, aggressive hiring and spending
Q1 2022
Revenue still under $1M/year while burning $10M/month
Apr 2022
Fast shuts down, all 400 employees laid off
Root Causes
Fast raised $120M to build a one-click checkout product and burned through nearly all of it in under 3 years. At the time of shutdown, the company was generating roughly $600K in annual revenue while spending $10M+ per month. CEO Domm Holland maintained a lavish operation with 400+ employees despite minimal traction. The core problem: one-click checkout was already offered by Shopify (Shop Pay), Apple Pay, Google Pay, and Amazon. Fast couldn't differentiate in a market dominated by platforms with built-in distribution.
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Sources & References
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