Founder of buy-now-pay-later giant Zip Co (ASX: Z1P) Larry Diamond has backed the teenage founders of checkout platform Instant in a $2.2 million pre-seed round, with the funds to be used for the rapid expansion of the fintech’s team.
Developed by Liam Millward (18) and William Gao (19) to make purchases frictionless, the startup’s application allows users to secure a purchase in one tap, eliminating the hassle of imputing card details when placing an online order.
In addition to Diamond, Instant caught the attention of venture capital fund Blackbird – who led the funding round – and also received investment from TEN13, Reinventure, Tinder founder Justin Mateen, Accel Ventures scout fund and more.
The duo believes the platform can address “significant sales being lost from abandoned carts” on e-commerce sites, after the co-founders dealt with the issue firsthand while running their own online store in the midst of the COVID-19 pandemic.
“Cart abandonment is one of the biggest problems for e-commerce business owners, and it’s quite a complex problem for an e-commerce business owner of any size to manage their checkout technology” said Millward.
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