Fintech Roundup: How going Fast and furious can ruin your startup

First and foremost, Fast, a three-year-old one-click checkout firm, announced its closure after failing to obtain further financing to keep operations going. The statement didn’t come as a complete surprise, given that The Information had reported on symptoms of problems the week before. Those hints included the revelation that the startup had only generated $600,000 in revenue for the entire year of 2021 despite raising $120 million in venture capital earlier in the year (in a round led by Stripe) and rumors that the company was having difficulty raising additional funds and, as a result, might be looking for a buyer.

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