We launched Fast to make buying and selling online frictionless for everyone with a seamless one-click checkout experience. As you know, our plan was to deliver a superior and fast online checkout experience by making it easier for consumers to purchase products from their favorite brands.
After making great strides on our mission to democratize commerce, we have made the difficult decision to close our doors. As a result, we will be discontinuing operations, effective today. This means that all team members will no longer have roles with Fast and Fast’s brand and products will be retired. The Fast checkout button will also be removed from customer sites.
We know how hard this is for everyone. Please understand that we did not come to this decision lightly. As you know, the current environment has been extremely challenging for high-growth tech companies, including Fast. Before taking this difficult step, we explored all options to best position Fast for the future, including raising additional funding and also evaluating layoffs. But unfortunately, we no longer have the financial resources to continue operating the business despite the progress we’ve made on our strategy.
On the heels of this decision, we entered into an agreement whereby the vast majority of engineers from Fast will have an opportunity to join Affirm, a fintech leader in the buy now, pay later space. For over a decade, Affirm has been aiming to redefine payments and commerce by providing a more honest and flexible alternative to credit cards.
Affirm is a publicly-traded company, has partnerships with 60% of U.S. ecommerce, and roughly $3 billion in cash on their balance sheet and they need more engineers to support their continued growth and product roadmap. Affirm has been aggressively hiring engineering talent. With Fast winding down, our agreement will enable the vast majority of our engineers to transition to roles at Affirm. I’m grateful to Affirm for their work to place many of our engineers in great roles quickly.
While agreements like this are common, I am personally devastated that there is not a role for everyone.
Following this meeting, everyone will receive an invitation to a meeting explaining your status. For those outside of the tech organization, not being offered positions at Affirm, your last day of work will be today. Your system access will be shut off by the end of today. You will be paid through Friday, which will reflect your separation date.
At a high level, I also wanted to share what employee support we will be providing those being laid off. We made offering a meaningful package a high priority. Employees will be receiving:
• Financial support – the details of which will be provided in your personal letter
• Continuation of health coverage through May 31
• Keeping your laptop, accessories and home office items
Detailed specifics about your employee support will be arriving in your personal email later today from the Gunderson law firm.
I want to address why we weren’t able to share information with you recently, which goes against our normal transparent process. As we were attempting to drive the best possible outcome for as many of you as possible, we needed to keep all details confidential and reduce external speculation. I know this silence was very hard on everyone and it’s not how I like to run things, but it was completely essential.
After your meetings today, we will start turning off access to various systems. Fast Checkout and our other products will be shut down, beginning this week. We will be notifying our sellers and partners that Checkout is ending and will need to be uninstalled.
Finally, I just want to thank you for all your hard work and dedication to Fast. What you have helped build is incredibly impressive and there is so much to be proud of; I am thankful for everything you have done.
As always, here for every single one of you through this process however you need me, just email, call or message.
With endless gratitude – Domm