Stripe-backed Fast is reportedly in talks to secure its unicorn status just one year after it first secured its seed funding.
The fast-checkout company is looking to raise between $50m and $200m in an upcoming round at a $1bn valuation, according to The Information, which has spoken with two sources familiar with the situation.
The talks are said to be in their early stages and could still collapse.
The news comes just under year after the company secured $2.5m in seed funding and months after it raised $20m in a round backed by Stripe at a $180m valuation. It raised the Series A round in March this year.
While the spokesperson The Information spoke to neglected to comment on any potential fund-raising plans, the rapid growth of the FinTech startup could be down to a number of things.
Firstly, and most obviously, it could be as simple that the backing from Stripe has been behind Fast’s rapid growth. As one of the most influential companies in the FinTech industry and having recently collected a $600m Series G round at a $35bn valuation, Stripe can throw a lot of weight around.
And it’s not like Fast is the only startup supported by Stripe. The payment decacorn is no stranger to supporting FinTech startups, having backed PayMongo and acquired Touchtech Payments in the past.
Another reason could be that the increasing valuation is symptomatic of the growing importance of digital financial solutions in general.
After all, the Covid-19 crisis has highlighted the importance of innovative FinTech services.
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