Domm Holland’s one-click purchase company shuts down

“Fast took the world by storm because everyone is trying to make payments more simple,” he said. “But it seems there was a gap between its plans to build the technology and their ability to generate enough funds.”

The company was reportedly seeking a buyer last month after failing to raise more funding, amid concerns about low revenue. It had most recently been backed by venture capital firms Index Ventures and Addition Capital, who tipped in more than $100 million in January 2021.

But it only generated $US600,000 ($790,000) in revenue last year, despite adding 400 new employees and burning through $US10 million ($13 million) a month, according to technology industry publication The Information.

Mr Holland was the CEO of two other companies before Fast, both based in Australia. He was responsible for the launch of Tow, a start-up promising to be the “Uber of towing”, in Brisbane in 2014. The company had a contract with Queensland Police to tow vehicles related to its anti-hooning legislation, but was liquidated in 2018.

Fast was recently hit with a lawsuit brought by a former employee who last month said, “sex discrimination was routine and gaslighting was a common tactic used to manage women” at the company.

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