Domm Holland is the Co-Founder and CEO of Fast, the quickest online login and checkout platform on the planet. Domm is a self-taught engineer and entrepreneur recognized as the “World’s Fastest CEO.” Domm has worked in the logistics, transportation, and technology industries, where he started and scaled businesses.
He previously founded and led Tow, an Australian on-demand vehicle towing network that handled more than $50 million in transactions. During his time at Deloitte, Domm was named to the top of the Deloitte Tech Fast 50 and named Brisbane Young Entrepreneur of the Year.
Domm has worked in national and multinational telecommunications and technology firms, including Dell, across Australia and the United States and has extensive cross-functional experience. Domm’s expertise gives him a unique perspective on R&D, sales, and operations, all of which have helped him realize his vision for Fast.
Domm can be found on Twitter at @domm.
Fast was founded in 2019 by Holland and Allison Barr Allen to provide online buyers with a single payment profile that could be utilized across partner e-commerce businesses instantaneously. Fast attempted to replicate Amazon’s one-click ordering method for shops across the market with the product.
Holland told SmartCompany in 2020 that Amazon’s “extremely omnipresent” and “streamlined checkout experience” helped the company gain market share in the United States.
Fast announced the expansion three months after receiving $30 million in Series A funding to expand its operations. In 2021, a $131 million Series B fundraising round was announced. Holland claimed the cash would enable Fast to “aggressively go after every big online merchant in Australia, the United States, and the world,” citing heavyweight investors such as payments firm Stripe and Addition.
Fast’s abrupt closure coincides with a broader digital sell-off, with the stock prices of major online payment systems like Square and Shopify plummeting from last year’s highs.
Cost of living concerns is also increasing, with inflation likely to curtail some of the pandemic’s internet spending habits.
Consumers seeking convenience at the digital checkout have embraced digital wallets such as Apple Pay and Google Pay. Insiders with knowledge of Fast’s internal operations told the San Francisco Chronicle that dwindling investor sentiment was only half of the tale, with unsustainable revenue taking its toll on the firm. Despite the company’s apparent aspirations for worldwide supremacy, Fast only made US$600,000 ($798,000) in revenue in 2021, according to The Information.
According to Holland, Fast’s shutdown was attributed to declining investor appetite and a lack of revenue. In a personal Twitter post, Holland stated, “Sometimes trailblazers don’t make it to the mountain top.”
According to NPR(National Public Radio), the Australian entrepreneur Holland has sparked
debate among some Australians who feel he fled to the United States to escape the difficulties involving his old firm Tow.com.au in Australia. Tow.com.au aimed to be the “Uber of towing.” Still, the business was forced to close in 2018 due to a “multimillion-dollar” billing dispute with the Australian state government after owners failed to return their towed automobiles. Holland pondered selling the personal information of more than 21,000 people gathered through the startup when the startup ran out of money.
Fast, the startup known for its one-click checkout button is no longer in business. Fast pushed to the bitter end for extra cash: the company reportedly approached its backers for more funding last month at a $1 billion or more valuation. Fast dropped their ask in half and offered to lay off half of its workers after its sharks stated, “I’m out.”