May 23, 2022

Fast, a one-click fast payment platform, is closed today. Because of the decision, Fast is giving the “vast majority” of its engineers the option to join Affirm, a publicly traded fintech company, to buy a seat now and pay later, Affirm said in a statement.

According to an email from gaming-updates, Fast CEO Dom Holland said his company’s closure was the result of a lack of funds to continue the business. He also said that the current environment is “extremely challenging for fast-growing technology companies.”

“Through Fast Outfitting, our agreement will allow the vast majority of our engineers to move to another position within Affirm. I am grateful for their work in quickly promoting many of our engineers to senior positions,” Holland continued in an email, noting that Affirm has about $3 billion in cash on its balance sheet. Holland did not specify how many engineers will be able to join Affirm and whether it will be determined by seniority, team or geographic location.

While acquisitions are a common method for a startup that needs a soft landing to get out, this step looks different. A person familiar with the allegation that Fast negotiated with Confirmation management about this agreement, in addition to its conclusion, includes the removal of all services and the existence of the brand. In other words, Affirm wants Fast’s talent, not its product.

Affirm, which went public in 2020, recently raised its financial outlook for the third quarter, lowering operating expenses and raising earnings expectations. In an email to gaming-updates, a confirmed spokesperson noted that the company has a long history of investing in technical talent, having completed three strategic talent acquisitions over the past year.

“With the rapid closure of our operations and the liquidation of our brand and products, we saw another opportunity to invite an excellent technology team to join us,” the statement said. “While we do not have plans for one-click payment, we look forward to welcoming the many talented FAST engineers as we continue to improve our existing product roadmap so that we continue our mission of building fair financial products.”

FAST declined to say how long negotiations are taking place or how many FAST employees will be offered to work.

When it comes to vision, it’s not that hard to establish a match between Fast and Affirm. Fast was launched to make it easier for shoppers to pay for purchases on e-commerce websites, while Affirm was launched to help consumers pay for online purchases for the first time. Both companies have created cross-platform services that support the optimization of the shopping path; Although it was clear that the fate of one is predetermined better than others.

Affirm’s active sellers have grown 2030% over the past year to 168,000, with partners including Walmart, Amazon, Target, Peloton and Ton Shopify in the US. Covers over 60% of e-commerce. It also has over 11 million active users, up 150% from last year.

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