Image Credit: Boston Herald – Unknown

Screen Shot 2015-12-07 at 12.06.18 PM

Image Credit: www.fasten.com

Startup: Fasten

Sector: Ride-sharing

Launched: Late September 2015

Competitors: Uber and Lyft

 

What’s the Scoop on Fasten?

While in Boston, we had the pleasure of trying the new ride-sharing app, Fasten, in the midst of their big launch! As you would expect, using this app is similar to its competitors: swipe to “Request a Ride” then get picked up within a few minutes and you’re on your way!  

However, Fasten’s mission, model, and team are a bit different than the rest. Specifically, Fasten was both founded and backed “by Russian capitalists and ad supermen” who want riders to pay less, and drivers to earn more than they do on other ride-sharing platforms.

Headquartered in the South Station WeWork office in Boston, the company started getting some buzz in April 2015 and was in semi-stealth mode until its launch in September 2015. If they weren’t mysterious enough, Fasten is backed by $9.15 million from unnamed investors. However, seeing as the Coral team was in Boston during the launch we were given many incentives to try the app. Our teammate Yosyp’s persistence to not switch to iPhone actually paid off. Fasten offered a $3,000 ride credit to Yosyp since he was one of the first Android users on the platform. Throughout the course of our stay in Boston, we got to know most of the drivers.

How Are They Different?

According to the company’s own press release; “at Fasten, we believe ride-sharing will be a mainstay in the future of transportation. But only after ride-sharing companies make serious changes to the way they operate. For instance, charging 20% commission from drivers is unsustainable. We have a different approach. We believe in being fair to drivers while staying affordable for riders. And we believe that’s how ride-sharing will grow.” ¹

Some of Fasten’s differentiating factors that align with the mission statement mentioned above are as follows:

Benefits for Fasten Drivers:

  • They take NO Commission! Fasten charges $.99 per ride to the driver.
  • Flexible, guaranteed wage up to $30/hr.
  • No penalty for not taking calls. If you’re on call with another service (like Lyft) just ignore the incoming call.
  • Since Fasten has similar rates, and takes no commission, you can make more money!

Benefits for Fasten Riders:

  • Fasten gives riders control over how much they spend by showing the fare in real time!
  • No surge pricing, EVER. Rain, shine, or even during peak hours you will never be charged for surge pricing. Instead, you can “Boost” your ride by offering to pay more than the regular rate to attract more drivers and get a ride quicker.

In Boston (the only city in which the new ride sharing service is offered so far), Fasten is slightly cheaper than Uber. They charge users a $1.85 base price with added fees of $1.10 per mile and 19 cents per minute. UberX – the company’s low-cost option – charges $2 for base fare plus $1.24 per mile and 16 cents per minute.

“We are the only company who is interested in making ride-sharing the most affordable way to get around,” said CEO Kirill Evdakov. ²

Best of luck Fasten! We admire your mission to make ride-sharing more accessible and affordable to all, and look forward to watching you grow!

If you’re in Boston, head to www.fasten.com to download the app and use the code “FASTEN” to get up $20 towards your ride.


 

1 – https://angel.co/fasten

2 – http://huntnewsnu.com/2015/10/boston-company-enters-ride-sharing-fray/

The Coral Team