DEADADJACENTFINTECH

Fast

Raised $120M for a checkout button. Made $600K in revenue. Math.

$120M

Capital Raised

$500M

Peak Value

3 YRS

Lifespan

450 employees

Body Count

AUTOPSY REPORT

Promised 'one-click checkout everywhere' and raised $120M from Stripe, Index Ventures, and Addition. The problem? they generated only $600K in total revenue in 2021 while burning $10M per month — a 200:1 burn-to-revenue ratio . Went from $500M valuation to shutdown in six days flat. 450 employees lost their jobs. CEO Domm Holland tweeted inspirational quotes the whole way down. Stripe lost its investment. The checkout button checked out.

DAMAGE: 450 employees

TIMELINE

2019-03Founded by Domm Holland and Allison Barr Allen

2021-01Raises $102M Series B led by Stripe

2022-03Reports surface of $600K annual revenue vs $10M/month burn

2022-04-05Fast shuts down entirely, 450 employees laid off

SOURCES

→ NPR: Fast Shuts Down After Burning Through Investors' Money → TechCrunch: Fast Shuts Doors After Slow Growth → The Pragmatic Engineer: Inside Fast's Rapid Collapse

← Zenefits Kiko →

Satirical project. Not affiliated with Y Combinator. All information from public records.