Stripe, the firm powering advisor-focused fee-payment-processing platform AdvicePay, led a $20 million Series A round of investments in a login-and-checkout-services company, according to TechCrunch. Called Fast, the new capital comes on the heels of a November seed round, a pace of investment deemed “aggressive” in the report.
In the same way that advisors love single-sign-on capabilities, Fast wants to provide the same functionality for checking out across the internet. While there’s no indication that Stripe’s investment will eventually make inroads into advisor technology, the consumer-centric benefits of a service like Fast are apparent.
With less friction between a client locating a service or good he or she wants, and that client paying for the service or good, value is created, according to Domm Holland, Fast’s CEO. “We want to give you one-click login, one-click payments, one-click data everywhere,” he said.
Stripe’s backing of a service like Fast could make fee-for-service models even easier for advisors to maintain. Clients, meanwhile, would find transactions to be simpler and more convenient.