This morning Fast, a startup that offers online checkout and identity products, announced that it has completed a Series B worth $ 102 million. The new funding event was chaired by Stripe, a former Fast investor.
Stripe, an online payments giant, also led Fast’s Serie A last year. a $ 20 million deal. Almost has raised $ 124 million so far, according to a press release.
TechCrunch reached out to Fast for comment on the pace of growth. The company said the gross volume of goods (GMV) processed by its checkout service “has more than tripled each month,” adding that it expects this trend to continue and grow. The pace of growth is difficult to gauge as we lack the basis to scale, but we now look to Fast for future GMV advances that we can use as a benchmark.
Fast’s oversized Series B comes after a number of competing online checkout providers also pulled off big rounds.
Late December Bolt, which offers online checkout, identity and payment services has raised a $ 75 million extension to its Series C round. The company also shared a number of growth metrics that allow TechCrunch to get a handle on its current size and expectations for future performance.
Then in mid-January Checkout.com raised $ 450 million on a valuation of $ 15 billion. TechCrunch wrote at the time that “Checkout.com is looking to build a one-stop shop for all things payment-related, such as: B. the acceptance of transactions, their processing and the detection of fraud ”. So similar to Bolt and in competition with elements from Fast.
In the end, Rapyd announced that it has raised $ 300 million out of $ 2.5 billion Scoring a day later. Rapyd offers fintech services through an API, TechCrunch noted, but since it supports global e-commerce payments and sells anti-fraud technology, it seems to fit into that group.
Bet on Fast’s new Series B and in the last month or so we’ve seen $ 927 million – at at least – Flow into startups with overlapping goals for the e-commerce infrastructure market. That’s nearly $ 26 million a day since the bolt round, an enormous amount of capital in a short period of time.
How do companies all grow so quickly? The most obvious answer to this question is that e-commerce is so big and so critical to the global economy that improving the online experience of selling goods for both sellers and buyers is a problem space with space for many players. The fact that so many start-ups have launched in the race to find the solution to online trading means that they have all shown strong growth rates so far; and that implies a gigantic market that they all want to grow into.
And given that COVID-19 is fueling e-commerce and accelerating the digitization of the global economy in general, it’s hard to argue that such technologies will be constrained by market size in the near future.