Fast, the maker of a one-click online checkout button which raised $168 million since Sydney-born Domm Holland founded it in 2019, is closing its doors on Friday.
Despite high-profile strategic investors such as Irish payments giant Stripe, Pop Sugar supremo Brian Sugar and SafetyCulture backer Index Ventures, Fast was reported to have made only $US600,000 revenue in 2021, despite burning through $US10 million a month as it added 400 people to its headcount.
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Michael Bailey writes on arts and culture, and edits Weekend Fin. He is a former editor of the Financial Review Rich List. He is based in Sydney. Connect with Michael on Twitter. Email Michael at m.bailey@nine.com.au
