Fast, a company that has built tech for speedy logins and now aims to create tech that will make the checkout experience better, will use the money to accelerate the rollout of Fast Checkout, its universal one-click purchase product for e-commerce.
The money will also help to expand its product and engineering teams.
Fast chief executive and co-founder Domm Holland said: "We’re proud of our Australian roots here at Fast. The funding we’re announcing is a vote of confidence in the Australian start-up ecosystem and the resourceful entrepreneurs that are being created in our region.
The Fast team at their office in the US. Supplied
Holland, who founded Fast along with Allison Barr Allen, the current chief operating officer of the company, has started other firms in the logistics, technology and transportation sectors. He coded the first version of Fast Login in Brisbane early last year.
“Fast is taking a novel approach to improving the login and checkout process for online businesses,” said Jordan Angelos, head of corporate development at Stripe, a company that produces software to allow individuals and businesses to make and receive payments over the Internet.
“We support their vision to remove friction from Internet commerce wherever possible.”
Fast Checkout is scheduled to launch in coming weeks and will serve to complement Fast Login, the firm's free-to-use one-click login tool.
A statement from Fast said: "With Fast Checkout, consumers are able to complete purchases with a single click on any browser, platform or device.
"In 2019, the US$3.5 trillion global e-commerce market struggled with shopping cart abandonment for up to 80% of potential purchases, largely due to friction during checkout.
"At the same time, consumers are forced to fill out an average of 23 fields just to make a single online purchase. Fast eliminates the frustration of remembering passwords and inputting payment information. Purchasing once with Fast Checkout enables secure, one-click transactions on all Fast-enabled sites."