{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The WP Minute ","title":"Not so Fast","html":"","width":"100%","height":180,"duration":409,"description":"One Click Checkout provider Fast, headed by Domm Holland, shut down unexpectedly this week after attempting to secure a down round of funding to deal with their financial obligations. What obligations you might ask? Well, according to their pitch deck, their monthly burn rate was over $10M dollars for their 500 plus employees.\n\n\n\nAnd to top it off, their company was making about 50,000 dollars a month, or around $1200 per employee. These stats are pretty depressing for a company of that size and certainly must be frustrating to the investors who put in over $100 million over several rounds.\n\n\n\nThe news came fast and along with it, a barrage of folks linking to articles that point out Domm’s shady past. In 2010, Domm purchased a domain that would be useful to the Australian airline Qantas and then redirected traffic from it to a direct competitor. By way of threat he sold the squatted domain to Qantas for 1.3 million.\n\n\n\nAfter that, he started the Uber of Towing and ended up in a $15 million dollar legal dispute about cars no one cared about. Holland threatened to release the private bank account and driver’s license data of 21,000 drivers. When the Supreme Court refused, he shut down the company with no notice to any of its employees and notified them via text message.\n\n\n\nNot content to cause problems in his country, he moved to Silicon Valley and started Fast in 2019, a one-click checkout competitor to Bolt, Apple Pay, Shop Pay and others. He hired a team of contractors from Nigeria to build the initial version of Fast and acquired funding for it. Three months in, he fired all Nigerian contractors and took full credit for their work in subsequent press releases. Again, with no notice.\n\n\n\nThese are only some of the stories that came from this very chaotic startup. In the last few months, Domm’s social media account had been uncharacteristically quiet in comparison to last year as they went on a hiring spree. When word leaked about his financial problems, the...","thumbnail_url":"https://img.transistorcdn.com/B7hdlYwjqhl9eXRrYH3YmT0lK4oG1XC6kdnjd-ITW0w/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zZDhl/YzIxN2QwOWRmYjQ1/OTM2ZjMwZWRiYzli/M2ExMC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}