Fast, a startup that develops one-click checkout software for online merchants, is trying to find a buyer after failing to raise a new round of funding, according to two people with knowledge of the situation.
Fast has raised about $120 million from investors including payments firm Stripe and Index ventures, but its main product, which helps retailers speed up how their customers pay for products online, generated just $600,000 last year, The Information previously reported. The dearth of revenue didn’t stop Fast from hiring around 400 employees last year and burning $10 million a month for most of that period, with payroll accounting for the majority of its operating expenses.
