Domm Holland, CEO of one-click checkout startup Fast, is telling potential new investors that the company plans to cut hundreds of jobs, a person with direct knowledge of the matter told The Information.

The cuts would mark a dramatic setback for the three-year-old Fast, which has raised a total of $124 million from payments giant Stripe and other backers. The company is now trying to raise another $100 million at a pre-investment valuation of $450 million, which would be a drop from its last valuation of $500 million, the person said.

Any cuts at Fast would be the latest in a wave of layoffs among startups as funding prospects dry up and firms brace for a downturn. Instant-delivery company Gopuff also plans to cut hundreds of jobs, or about 3% of its workforce, The Information reported on Tuesday evening.