Fasten (company)
| Company type | Private |
|---|---|
| Industry | Vehicle for hire |
| Founded | 2015 |
| Founder | Kirill Evdakov, Roman Levitskiy, Vlad Christoff |
| Defunct | 2018 |
| Fate | Acquired by Vezet Group; ceased US operations |
| Headquarters | Boston, Massachusetts , United States |
Key people | Kirill Evdakov (CEO), Roman Levitskiy (CMO), Vlad Christoff (COO), Evgeny Lvov (Chairman) |
| Products | Ride-hailing services via mobile app |
Fasten Inc. was a U.S.-based vehicle for hire enterprise with its headquarters located in Boston, Massachusetts. Established in 2015, the company halted its American operations in 2018 after being acquired by the Vezet Group.
History
The inception of Fasten took place in 2015, spearheaded by CEO Kirill Evdakov, CMO Roman Levitskiy, and COO Vlad Christoff, with its initial launch occurring in Boston that September. The startup secured $9.2 million in seed capital from chairman Evgeny Lvov. Utilizing a mobile app, customers could request rides that were then assigned to nearby drivers. Fasten’s commission model charged drivers a flat rate of $0.99 per ride, a notable reduction compared to rivals Uber and Lyft, which typically deduct a percentage from fares. Within its first year, Fasten reported revenues amounting to $500,000.
Focusing primarily on college students in Boston and Cambridge, Massachusetts, the company implemented promotional offers such as $5 rides under 20 minutes and discounts on initial trips, subsidizing the fare differences paid to drivers. To attract and retain drivers, Fasten compensated not only for passenger transport time but also for the distance and duration spent reaching pickup locations. According to CEO Evdakov, the number of drivers in Boston expanded by 300% quarter-over-quarter during the inaugural year.
On March 2, 2018, Fasten declared it would discontinue all operations across the United States following its acquisition by Vezet Group, a prominent global ride-hailing firm.
App
Both passengers and drivers were required to have a GPS-enabled smartphone with the Fasten app installed, available via Google Play for Android devices and through the App Store for iOS users. Riders input their pickup and drop-off points and could select vehicles accommodating either four or six passengers. Prior to booking, users were shown estimated wait times, trip durations, and fare estimates. Rather than employing surge pricing, Fasten allowed riders to voluntarily "boost" fares by offering extra payment to drivers during periods of high demand. Nearby drivers received ride requests along with any boost incentives and had the option to accept or decline.
Once a driver accepted a request, riders could access the driver's profile containing a photo, vehicle information, license plate details, and user ratings. Driver evaluations were expressed as percentages based on thumbs up or down feedback after each trip. Passengers could monitor the driver’s live location and estimated arrival time on their device.
Communication between riders and drivers was facilitated via phone calls or text messages routed through Fasten’s servers using temporary phone numbers to maintain privacy. Drivers were instructed to safely pull over before responding to any calls or messages.
The app displayed dynamic pricing during rides that resembled traditional taxi fare structures, differing from Uber and Lyft’s models which show prices upfront or after trip completion.
Driver fees
Fasten implemented a fixed commission fee of $0.99 per completed ride for drivers, substantially lower than the 20-30% fare deductions imposed by Uber and Lyft. Alternatively, drivers could opt for a flat fee payment structure: $20 daily or $80 weekly fees allowed them to keep 100% of their earnings.
Drivers operated their own vehicles and were responsible for expenses such as fuel, upkeep, and insurance coverage. Fasten offered progressively increasing insurance protection while drivers were searching for passengers, traveling to pickups, and during active trips.
All drivers underwent mandatory background screenings, and their vehicles were required to be manufactured post-2005 to meet safety standards.