I documented the shutdown of Fast, the single‑tap checkout startup, to capture the concrete financial and managerial signals that made the business unsustainable despite a $102 million raise.
Fast raised $102 million through Stripe but could not survive more than a year after that raise.
The monthly cash burn was $10 million.
2021 revenue was $600,000, described as “paltry.”
- Low revenue
- High burn rate
- Slow growth
- Controversial management
- Extravagant spending on celebrity endorsements
- Unable to find a potential buyer
- Highly paid employees ate up most of the cash