Affirm Holdings acquired Fast (Fast AF, Inc.) for $10.0 million cash plus forgiveness of a $15.0 million senior secured note (approximately $25.4 million total asset cost), a transaction completed in April 2022, structured as cash plus forgiveness of a senior secured note.
Fast (Fast AF, Inc.) operates in Talent and technology, is based in United States. On April 19, 2022, Affirm closed a Release and Waiver Agreement with Fast AF, Inc. covering the hiring of certain Fast employees and service providers and an option to acquire certain of Fast's assets. Consideration comprised $10.0 million in cash plus forgiveness of a $15.0 million senior secured note Affirm had issued to Fast earlier that month. Because the assets acquired did not meet the definition of a business, the transaction was accounted for as an asset acquisition, with roughly $25.4 million of identifiable intangibles recorded, split between assembled workforce (about $12.5 million) and an option to purchase developed technology (about $12.9 million).
The transaction was a disciplined, small-dollar acqui-hire: Affirm secured engineering talent and an option over Fast's checkout technology as the one-click checkout startup wound down, structuring it as an asset deal rather than a full business combination.
Advisory firms were not disclosed for this transaction.