Fastbase Review. The Curious Case of Fastbase – Peak Demand
[Update:4th February 2020 – it has been almost 2 years since I decided to take a look at this product which came with claims of millions of customers and future stock market listings and email communications appearing to be an official Google Analytics extension – yet it had almost no footprint across the web – no reviews, no mentions, no social media presence. I was curious to find out more, hence the blog post.
In many ways I wish I hadn’t looked or published this blog article as it has caused me personally and my business a lot of wasted time and unwanted hassle. I continue to be careful not to make any allegations about Fastbase the product, company or its executives. So whilst you are welcome to contact me, I must emphasise that I will not give you any opinions or advice other than to contact Fastbase directly.]

Original Post: 17th March 2018

Fastbase is a web leads add-on for Google Analytics. It is claimed to be heading towards 4 million customers and a public listing on London’s AIM stock market. But what does it do? Should you avoid it or should you be using it?

What is Fastbase?

Fastbase was launched in June 2016 by Danish entrepreneur, Rasmus Refer. In less than 2 years it claims to have 780,000 companies using its website visitor tracking software.

It is an add-on to Google Analytics that identifies companies that visit your website by cross-referencing visitor IP addresses to a worldwide database of companies.

In Fastbase these companies are called Web Leads.

More recently, Fastbase has expanded its service to include the ability to buy a targeted list of contacts and creating Google AdWords campaigns.

Is Fastbase a Google product?

No. FastBase has designed its user interface to closely resemble the Google Analytics interface and emails received make prominent use of the Google Analytics logos. However, Fastbase clearly states it is not affiliated with Google.

Is Fastbase unique?

No. There are plenty of website visitor tracking software applications available. Well known brands such as Lead Forensics, CANDDi, Communigator and Who is Visiting – all provide similar solutions for identifying companies who visit your website. These products are standalone software applications that require you to add a code snippet to your website to track visitors.

Fastbase differs from these by using your Google Analytics data as the source. Direct competitors are Leadfeeder and Snitcher that also uses your Google Analytics data to identify the companies that visit your website. Fastbase, Leadfeeder and Snitcher can “look back” at historical data whereas the standalone products can only track new data after the code snippet has been added.

Each software supplier has a database of IP addresses and companies. Suppliers then maintain company contact data (web address, phone numbers, postal address, email address) alongside the company name. Some suppliers further extend their data by identifying potential contacts through LinkedIn profiles and other methods.

Is it useful for my business?

Visitor tracking software only identifies companies / organisations who have visited your website. They cannot identify which individual person from the organisation visited* and they cannot identify visits from residential users / home-owners as IP addresses are dynamically allocated by the Internet Service Provider (ISP).

Therefore, Fastbase and its competitors are only of use if you operate in a B2B environment. In many cases your list of visitors will include large corporations – these are unlikely to be of much use to you as you’ve no idea which of the corporation’s thousands of employees actually visited you. Similarly, universities and government institutions often crop up and are of little practical value.

Another key consideration is whether you are able to make use of the data. Many of the visitor tracking applications allow you to create filters (visitors from a specific country, visitors who viewed a certain page etc.) and to integrate with your CRM system to feed in the useful web leads. Fastbase allows you to export data to Salesforce, Zoho and Hubspot.

* Some visitor tracking software (not Fastbase) can identify individual visitors through use of cookies. For example, if a user completes a contact form on your website, that can drop a cookie to the user’s PC which can then be used to track the individual on subsequent visits to your website.


Does it work?

Sort of.

I set up a new Fastbase account but no results were displayed for over 24 hours. I created another account but 8 hours later still no results.  After some pestering of the support service I did eventually get a response which apologised for some unspecified technical issues – and very soon after results did arrive in the dashboards of both accounts.

Using the same Google Analytics profile, I tested Fastbase against Leadfeeder and the website’s existing Who Is Visiting tracking software.

On setting up Fastbase it decided to review the last 3 months’ data for each of the Google Analytics properties / views linked to the account. In comparison, Leadfeeder allowed me to select an individual Google Analytics property & view and within 10 minutes had returned data for the previous day. I don’t understand why Fastbase insists on collecting data for every website property and view. It is best practice to create at least 2 Google Analytics views (filtered and unfiltered) and I can’t see why you would want to collect visitor tracking data on both.

Anyway, the results. For visitors starting from the previous day.

  • Who Is Visiting: 1042 companies
  • Leedfeeder: 889 companies
  • Fastbase: 42 companies

I double-checked this because Fastbase was seriously lacking in comparison – but it really did only manage to identify 42 companies.

A raw count of visitors is OK, but part of the service quality is for the software applications to automatically exclude general ISP traffic. I created a filter limiting data to companies who visited a specific page on the site.

  • Who Is Visiting: 19 companies identified of which 3 appeared to be general internet traffic / ISPs
  • Leadfeeder: 21 companies identified of 4 appeared to be general internet traffic / ISPs
  • Fastbase: Unable to filter by page

Only 12 companies were common in the lists from Who Is Visiting and Leadfeeder.

Surprisingly Fastbase doesn’t offer the ability to filter companies based on the page they have viewed (although if you drill-down on a company it does show the pages viewed). For sites with decent traffic this looks like a real oversight as with so much data it becomes a real slog to work through non-relevant visitors.

Instead, I filtered the list to only UK companies:

  • Who Is Visiting: 434 companies
  • Leadfeeder: 544 companies
  • Fastbase: 23 companies

Of the 23 UK companies identified by Fastbase, only 2 appeared in the lists from Leadfeeder and Who Is Visiting – which seemed very low. There were certainly differences between the companies identified by Leadfeeder and Who Is Visiting but generally there were lots of common companies identified. It would appear Fastbase’s database is not nearly as broad/deep as those used by the competitors.

Companies identified by Fastbase included rather obvious ISPs such as Virgin Media Business and Stofa (a well-known Danish ISP) which was disappointing.

21st Feb 2019 – Image of Fastbase software application has been removed by Peak Demand due to alleged copyright infringement reported by Rasmus Refer, Fastbase.

What about GDPR?

The new EU General Data Protection Regulation (GDPR) comes into force on May 25th 2018.

Visitor tracking systems generate lots of data some of which is personally identifiable information (PII) regulated by GDPR. Most of the visitor tracking software suppliers have updated their sites to talk about their GDPR compliance (or at least the steps they are taking towards compliance ready for May 25th).

At the time of writing this post Fastbase does not have any mention of GDPR on it’s website, which seems remarkable for a company with over 780,000 customers and heading to an IPO. Presumably they are taking GDPR seriously and will be in compliance before May.

What about buying lists through Fastbase?

Fastbase founder Rasmus Refer previously founded Masterseek – a database of worldwide company information. Presumably, Fastbase is using this database as its primary source of company and contact information.

In these days of GDPR and explicit consent it is strange to see a new product selling customer lists. Fastbase doesn’t actually tell you what data it is going to supply but I checked and they confirm email and phone numbers for the contacts you select.

This part of the software feels like its been rushed out and not really part of the core Fastbase software. The site is not secure. There is a notion of ‘leads credit’ but this doesn’t work or isn’t explained. At point of purchase you are redirected to a third-party PayPal payment page. Not necessarily a problem – but not what you’d expect of a company about to launch on a London Stock Exchange.

21st Feb 2019 – Image of Fastbase software application has been removed by Peak Demand due to alleged copyright infringement reported by Rasmus Refer, Fastbase.

What about the Fastbase AdWords B2B campaign tool?

There is certainly a market opportunity for a simple, easy to use method of creating Google AdWords search ads, for users who don’t want to tackle the complexities of the AdWords interface (although  AdWords Express may be the real answer). Personally, I don’t think this sits within a visitor tracking system but I can see the cross-selling opportunity.

To be fair to Fastbase they have only launched this add-on tool in the last couple of months and it is marked as [New]. But if I’m being kind I’d say it hasn’t been sufficiently tested. If I’m being honest I’d say something else!

It may be that this is an early concept version. But for a company with grand ambitions I’m surprised this has been released.

21st Feb 2019 – Image of Fastbase software application has been removed by Peak Demand due to alleged copyright infringement reported by Rasmus Refer, Fastbase.

How much does it cost?

Fastbase operates a freemium model. The free “light” version provides up to 200 web leads per month.

The premium version offers unlimited leads for USD $45 per month (or USD $351 per year).

Fastbase’s competitors all offer free trials but no-one else offers a completely free version. Competitor prices tend to be based on the volume of website traffic – but start from $24/month.

A curious case

Fastbase is a curious case. The visitor tracking software certainly exists and if you do not have budget for a paid product then this is your only choice. However, from the test cases the number of companies identified is significantly lower than competitor products. The G Leads and AdWords B2B add-ons seem out of place and feel rushed, incomplete and not of the required standard for a company about to go for a public listing. Perhaps there are plans for further development but I remain unconvinced.

There is a good argument to be had about the benefits of a Google Analytics add-on vs standalone system for visitor tracking. Here at Peak Demand we recommend Who Is Visiting as a standalone visitor tracking product. But if you prefer the Google Analytics add-on route then Leadfeeder offers a professional and robust product.

One way or another, Fastbase has been very effective in generating hundreds of thousands of customers and clearly has the belief it can massively grow this customer base. It has a reported valuation of $132 million.

Yet for a company expecting to have over 4 million customers by the end of the year, there is surprisingly little information to be found on Google aside from investor press releases. Very few blog posts, forum comments, reviews (good or bad) etc. can be found. Fastbase doesn’t have a LinkedIn profile, has never tweeted and the last Facebook post was in the summer of 2017.

Nothing wrong with that of course. But unusual.



These are my own opinions and I always encourage you to form your own. Fastbase is free (for the light version), so why not give it a try and decide for yourself. Please share your feedback in the comments below. I’m absolutely sure readers of this post will be interested in your views. As part of producing this post, I posed a few questions to Fastbase and CEO, Rasmus, responded personally and promptly to each one.

149 responses to “The Curious Case of Fastbase”

  1. What are you opinions regarding the current push for Pre-ipo shares? As you’ve mentioned the company and software seem real, if flawed in some aspects. Would you see the current push for Pre-ipo share buying as legitimate or a scam, where the current software has been thrown together as a front to give the impression of a legit business.
    I ask because I’m tempted by the IPO but have some serious doubts over their claims of 808k users, but with absolutely no reviews.
    Surely, someone asides from you has had a good or bad experience to write about. Yet there is nothing?

    • Doug, it’s exactly why I call it “the curious case”. There is remarkably little to be found online about a company/product that claims to have over 800k users. There are dozens of press releases aimed at investors – but these are all written by Fastbase themselves and uploaded to PR networks. It’s very difficult to find anything independent at all. Surely a company with 800k users has quite a lot of staff? But not a single one is on LinkedIn. Surely a few of the users would be commenting on forums or review sites? I’m not an investor type so I can’t advise on buying shares – but when a company spends most of its efforts writing press releases promoting their IPO and runs Google Ads purely promoting buying pre-IPO shares, it would certainly make me cautious. Anybody else out there have a view on buying Fastbase pre-IPO shares?

      • Dear Blaine and Doug,

        I am very happy to have found your discussion online.
        I have the same questions as Doug, I was emailed by them with the pre-IPO invitation. It was something really strange.
        I almost deleted the mail but then I Googled around and too many “independent” looking sites were mentioning them. Maybe Blaine has the point stating that all post were committed by them.
        I totally agree that the lack of employee references makes one thinker and suspicious.

        Only Rasmus Refer has a LinkedIn profile, stating something a way too impressive to sound realistic:

        I only have one question left: if – as Blaine highlighted – the product itself lags behind the competition, why / how do they want to go to LSE? Without no big deal in the product, it sounds like a hype/scam.

        A successful investor advised me not to waste too much time / money with any IPOs since they all want to make money from unexperienced novices.

        I use eToro. When the IPO is over, maybe Fastbase would also be available as CFD so anyone with the feeling to give it a try could also buy in.

        • Hi Thomas, pleased to have you join this discussion.

          It would be great to have anyone who has already invested in Fastbase pre-IPO to let us know the evaluation process they’ve been through and what led them to their investment decision.

          I’ve carried out a product review but it is only my personal opinion. Presumably anyone who has invested or is considering investment has been impressed by the product or has found enough confidence from independent sources before parting with cash. If you are out there please let us know!

  2. Dear Sirs,

    I finally found a little info on the company:
    It is clear from this comparison that there are several competitors with much more employees and revenues.

    However, as I read in some articles, the big deal may not be the Google Adwords integration that is out there since 2016 but a new, recent integration into large CRM systems like SalesForce, etc.

    I will give it a try with only a little sum I may afford to loose and modify the stake size when it shows significant uptrend.

    Good luck, Everyone!

  3. “…As part of producing this post, I posed a few questions to Fastbase and CEO, Rasmus…”

    Hello Blaine, a very good post you have here. However, would you consider seeking up-to-date answers to the never-ending complaints of potential Fastbase subscribers regarding, but not limited to, alleged spamming, lack of independent positive feedback, ever-changing date for reserving shares, etc., from Fastbase and CEO, Rasmus. Keep up the good work. Thank you.

    • Hi BV Jackpot, I did put your questions to Rasmus and invited him to respond, but he says it is not possible to reply or comment on blogs or communities. He has invited you to ask your questions to the support team via their live chat. If you do gain any responses from this channel please do post here as I’m sure others will be interested also. Thanks Blaine

        • Hi Alan, if your question is about how to access the live chat, it is available when you login to fastbase and click the blue icon in the lower right corner. If the question is whether the live chat service is helpful then I’m not really in a position to say as I’ve only used it once or twice. I was surprised to receive a live chat response from the CEO himself though! What is your experience with it?

  4. I got one E Mail back from the CEO after the closing date was moved the first time. I asked him why it had changed. I also told him my interest was because I was a Gunsynd share holder. All he said was that they had huge interest in the Pre IPO offer and he then offered for me to buy Fastbase, up to 50,000 shares AT A VERY SPECIAL DISCOUNT….I ran a mile and never looked back.

    • There is a press release out there (published by Fastbase) in which they claim to have signed a 2-year partnership with the well respected research company Gartner Inc. However, the Gartner Inc press office have contacted me to say that the announcement was not approved, is not factually accurate and that they demanded Fastbase remove the press release. There is no relationship between Fastbase and Gartner Inc. Given that the only information available on Fastbase comes from self-published press releases it does raise some doubts.

      • Gartner believes Fastbase, Inc.’s success reflects the trend that data and analytics are becoming mainstream. Philip Grip Blomberg, Senior Account Executive at Gartner, Inc. emphasizes “We are pleased to be a part of this success and to assist Fastbase, Inc. to become a leading player in the big data industry, and to help build new analytics products for the next generation.”

        I found this. Can you show the comments from Gartner that conflicts with the above. Interested to see.

  5. Hi all

    I asked Rasmus, why no one has been contacted regarding shares transfer…..his answer was to send me the last newsletter stating the delay with IPO.

    It’s discusting behaviour for a CEO to tell holders they would be contacted for shares transfer but, after no contact, I have had to chase him for a response.

    Hate to say it, but this is looking like a scam!

  6. Even more strange that every phonecall or E Mail is answered by the CEO. Looks very likely there is no-one employed in my opinion.

  7. Fastbase still pumping out their press releases via cision…. problem is everything can only be sourced from fastbase.
    Why have, not one of the ‘800000’ companies using fastbase, given a review or feedback or anything independently.

  8. I also spoke with a Gartner manager in London,after the press release, they also confirmed to me that the partnership and statement from fastbase was inaccurate and would investigate further, hence the Gartner release asking fastbase to remove their claims.

  9. Another alarming thing I found out is that fastbase is not listed as a Google approved affiliate…all similar companies to fastbase,such as leadberry are listed on Google as affiliated, but no fastbase.

    I put this finding to Rasmus and his response was that, it was not a priority, so they haven’t bothered.

    More alarm bells ringing in my ears!

  10. “Fastbase, Inc. Market Penetration on Upward Trajectory
    Fastbase, Inc.’s WebLeads has grown by 27% in 2018 with 840,000 websites now signed up to use the software including blue chip brands like Google, LinkedIn, Citrix, KPMG, and CapGemini.”

    This was on newsletter dated 20 June, but no mention made of listing.
    I was wondering when reading this, why would google sign up to use something when the tool uses the google analytics?

    oh dear, hope i havent wasted mine and someone elses money.

  11. Dear Sirs,

    it’s been months since I last visited your page.
    In the meantime I started reserving shares with the IPO and encountered another strange/weird thing:

    in the share purchase agreement – which was hardly written by a native English speaker – Fastbase Inc. was mentioned as an American company, with central office located in Delaware – a sort of tax haven(?).
    Since the news were all mentioning a Danish company, I turned to the tax office in Delaware to find out who/what Fastbase Inc. was. They confirmed that Fastbase Inc. still has unpaid tax obligation and the address printed on the share purchase agreement no longer belongs to Fastbase Inc.

    I phoned Gunsynd about my concerns but I could not directly speak to the CEO. Lucy Williams ( confirmed that there were negotiations between Gunsynd and Fastbase but it was also far from anything concrete. Still there is no info on their site about Fastbase.

    To my greatest luck, it turned out that as a beginner private investor I wouldn’t have access to LSE AIM, so I needed to cancel my share purchase with Fastbase. Although they replied almost instantly and accepted my cancellation, one month ago Fastbase sent me a payable invoice via PayPal. Of course, I refused to pay.

    Isn’t it funny, how little memory they have in a game-changer / successful database / CRM system they have raved about for quite some time now?

    Sorry for this long post. I just wanted to confirm that this hardly can be anything else than a scam.

    Best regards,

  12. Well, does anyone have information on how to cancel the share purchase? If we already paid, the share transfer has not happened, as the listing has not happened.

  13. Ah! I thought I was the only one who felt like this was a giant scam. I’m glad I found this forum.

    The Fasebase service is full of red flags. They have no mention of GDPR compliance and they are scraping user information off of LinkedIn, just to name a couple! I hope others are not fooled and scammed by this.

  14. We also got sucked in from the Gun B.B.
    Unfortunately we were very naive and invested in Fastbase. We have not had a update since March and becoming very concerned. Does anyone have any advise on what to do to get our money back. There will be so many people like us. Surely If this is a scam Rasmus cannot get away with taking everyone’s money Scott free!

      • I have written to investor@fastbase asking about the listing, I have not received a reply.

        I also wrote to Lucy Williams. She says that peter house capital are the broker to gunsynd not fastbase and would forward to them to see if they have any further information.

        I have also now emailed to ask if they have can enquire for further information on fastbase… as they are distributing the press releases via their site.

        I will keep everyone informed if I hear from investor @fastbase, gunsynd or

    • Rasmus, would you be able to answer concerns from the worried Fastbase IPO investors who have taken time to post on this blog? They do not seem to have been reassured by the regular investor newsletter. I’m sure they would welcome your comments.

  15. Rasmus

    Can you please provide some feedback on some of concerns raised on this message thread, specifically about the perceived scam taking place of fastbase ‘shareholders’.

    Blaine, what’s your assessment? scam?

    I hope, for the decent folk who invested their hard earned money into fastbase, that they get something back.

  16. Buongiorno sono italiano e non parlo inglese forse non è la sede più appropriata per esprimere il mio pensiero, sono stato contattato non per comprare azioni ma per vendere il servizio ad aziende che hanno come core business il B2B da ignorante dico che all’apparenza mi sembra un ottimo servizio rapportato al prezzo a cui dovrebbe essere proposto ed in Italia saremmo all’inizio.
    A me per poter attivare il mio account mi è stata chiesta una Fee di ingresso.

    Se fosse possibile vorrei avere dei consigli in merito e delle considerazioni da parte di chi sta promuovendo il servizio ad aziende in altri Stati.

    Grazie in anticipo per la risposta

    • English Google translation:
      Good morning I’m Italian and I do not speak English maybe it’s not the most appropriate place to express my thoughts, I’ve been contacted not to buy shares but to sell the service to companies whose core business is the ignorant B2B I say that apparently it seems to me an excellent service compared to the price that should be proposed and in Italy we would be at the beginning.
      In order to activate my account, I was asked for an entry fee.

      If it were possible, I would like to have some advice and considerations from those who are promoting the service to companies in other countries.

      Thanks in advance for your reply

  17. I am a shareholder of Masterseek, another Rasmus Refer company. We have had no newsletters the last half year. A listing / IPO has been promised by RR for a couple of years aready. But so far nothing happens as far as we know. Are any of you shareholders of Ms too ?

    • No thankfully I don’t hold Ms shares.

      To be honest I researched masters eek and it seems to be an empty shell of a company…. There are many similarities between the promotion of Ms a few years ago and the current promotion of fastbase.


  18. Thankfully between this forum and the chat board for GUN on LSE, there are a number of us fastbase shareholder’s…..
    If this ipo doesn’t go ahead, like RRs other companies masters eek, saqio etc… .. I feel there are enough of us to collectively join together to get our money back or take legal action collectively.
    I say collectively as this would save us a lot of time and money to instruct a legal practice to go after fastbase.

  19. I unforumately bought a small amount of shares in this ompany definitely seems like a scam stupid do i feel. Asked for a refund to test the waters. surprise surprise no response.

    • I just received a response regards asking for a refund.

      Fastbase Investor Relations
      Sep 16, 2018, 11:35 AM (6 days ago)
      to rr, hc, me

      Dear Kenny,

      I have to inform you that your shares can not be traded before Fastbase Inc. is publicly listed (then however all pre-IPO investors are underlying a “hold-period” of min 4 month).
      The pre-IPO investments are part of the funding of the working capital needed for the IPO and further company development and as such ensuring best circumstances for the listing regarding company valuation i.e. share price.

      I have the feeling that you have never received our newsletter, thus please find it below. News will be released in the coming days accordingly.

      We are happy to have you as investor and be assured we are pursuing common objectives.

      Best regards
      Henrik Carstensen
      Investor Relations
      Fastbase Inc.

      Fastbase Investor Newsletter

      July 27, 2018

      Dear Investor, we would like to inform you about the ongoing process as follows: Fastbase, Inc. has been approached by a renown European investment bank and consultations are carried out to discuss terms and conditions for a larger investment in Fastbase Inc. to conclude before the end of August.

      Further two English broker firms have showed strong interest in our market proposal and approach. Preliminary talks with these firms have emphasized the pertinence of our service in the marketplace. Consultations are taking place in London and we are awaiting definite proposals regarding the listing on LSE accordingly beginning of August. Because we want to maximize our success as a public company, we are working diligently with our financial advisors and expect to sign agreements for both a greater investment as well as the final planning and timeline for the listing on LSE. Through the investment Fastbase will increase the impact of the global expansion and market appearance and endorse Fastbase Inc. company valuation and set limelight on Fastbase Inc. as a public listed company.

      Henrik Carstensen

      Fastbase Inc.


      • After this email Rasmus sent me an email explaining a whole lot about who the people were commenting in this forum and how they are trying to go against fastbase.

        Then i was also emailled by refer that i was NOT WANTEd as a shareholder and that i would be refunded.

        When i replied, i have heard nothing further (that was Sept), except for offers of more shares to buy to my email and a notification that there is going to be a “share dividend”.

  20. To me that reads that your money is spent on pre ipo costs and product development and if the IPO does not go ahead you’ve lost it.
    Correct me if i’m wrong here.

  21. Thank you Jade, you have confirmed my fears.
    Everything you say sounds very familiar to my experience with Fastbase. I doubt we will ever see our money again.

  22. We have now forwarded some of these negative comment on this blog to our lawyer, that will take legal action against all shareholders that have spread negative words about Fastbase.

    Fastbase Investors are very welcome to call or write directly to me.

    Rasmus Refer, CEO
    Fastbase Inc.
    +45 20 300 606

  23. I am also a worried Fastbase investor who is feeling very stupid. This latest update from FB doesn’t commit to any dates YET AGAIN.

    I looked through old newsletters and it said ‘we are on course to IPO in June 2018’. According to your own latest update RASMUS, Fastbase is not even registered as a company in the UK, so how were you on course to IPO in June 2018? Can you explain what has happened in the last 6 months that means you are not even yet registered as a company in the UK? (as per your IPO newsletter).

    What are the options here for investors? It sounds like a few of us are in the same boat.

    I have contacted Actionfraud because of these continual delays (and still no IPO date!) and suggest others who have invested and are concerned should do the same.

    • Rasmus

      From the last fastbase update you say fastbase will be registered in UK in next 6 weeks…. If this does not occur, my legal team is ready to start coming after you for my investment and compensation.

      Can you also inform your investors on this forum who your lawyer is?

      No more hot air Mr Refer.

  24. Hi Jon,

    Yes, things are really curious here. How can Fastbase have 800000 customers and none of them have written a review about Fastbase.

  25. Henrik Carstensen who I think is the Fastbase CMO said
    “Fastbase, Inc. has been approached by a renown European investment bank and consultations are carried out to discuss terms and conditions for a larger investment in Fastbase Inc. to conclude before the end of August.”

    Its now October, so what happened to this investment Henrik ?

  26. Let me take it one at a time.
    we do now have +900.000 website sign-up.
    Wondering none have written a review? So do we, but as you probably is aware of, negative comments (of any kind) will very soon be released, if you get my point. Did you ever used Fastbase WebLeads or Fastbase InMarket Leads?
    Regarding our progress, allow me to refer to our most recent investor newsletter?

  27. Henrik,

    What do you mean by negative comments will soon be released… Sorry but we don’t get YOUR point!

    Rather than putting some real concrete facts to settle the fears of fastbase shareholder’s, you the CMO and Rasmus the CEO, have decided to threaten us shareholders for having grave concerns about our investment.

    I personally have tried to get answers from rasmus, however I never get any firm answers, just constant great press releases which can’t be substansiated….. When I did try to substansiated your garner agreement it turned out your claims were not backed up by garner, who have since asked you to withdraw your claims of an agreement with gartner.

    You need to provide real evidence of fastbase progress and evidence of beening a legal company.

    I have asked rasmus many time about which regulatory organisation fastbase falls under, but I never get a response… is it the FCA, FSA or SEC.

    If you are serious about looking after YOUR shareholders, whom have invested their hard earned money in fastbase… Please provide us the answers we seek….. Thank you

  28. Tariq, I agree who is this idiot saying that he is going to release negative comments about his own company. What are the comments ?

  29. I understand that my comment is causing misunderstanding and confusion.
    I will certainly not release negative comments regarding Fastbase! what I intended to say is that negative comments are made very quickly.

    • Henrik

      These negative comments have not been made “easily” or on a whim by us…. Our negative comments have come from our research into RR and fastbase and masterseek-corp and saqio etc, etc, etc.

      If you can show me any information which is impartial ( non fastbase sources pr), factual and freely researchable and positive about fastbase, please do provide the links here, for all your trusting shareholders.

      All I’m after is MY investment, and I certainly will not be waiting forever like those who invested in masterseek.

      Thank you… I await your reply!

  30. Hello all..

    I’m sure you have all seen the current pr from fastbase…. Agreement with

    Excellent news!?!?

    I have asked RR to request alibaba to publish some news about it or even post on their twitter…. So we can then see that the agreement it legit.

    I sincerely hope alibaba put some news out, as then I’ll have a few straws to grasp onto.

    Failing any news, I’ll contact myself, just as I did with Gartner – and we all know how that turned out!

    • Hi Tariq and all people in this thread,
      I am an Investor of Masterseek since 2008. Promises of IPO, newsletters telling about bright future etc – all this i have heard for long time. Although no news since end of last year when all the shareholders of masterseek were offered to subscribe for fastbase shares. About Rasmus Refer and Masterseek some time ago in Danish business newspapers were articles by journalist Dorte Toft – you can reach her and ask about details. The strange thing is that i have never seen any profit&loss, balance statements of masterseek published. The same i assume will be with Fastbase – you don’t know what is the financial situation of the company, how many employees work for this company – most probably this is just a shell company which collected money from investors and thats it. Rasmus former projects – Masterseek, Wikisoft, Saqoia Corp – does any of those companies finally went IPO? Sorry to say that, but i don’t trust in bright future neither for Masterseek, neither for Fastbase.

  31. Fastbase registered in UK with Rasmus as a director, good to see!

    Rasmus, I hope you are true about fastbase ipo and this not beenig a scam, because now the FCA is legally obliged to make sure fastbase isn’t a scam as you now fall under UK law.

    Time to get professional Mr Refer and show the fastbase investors that this isn’t a con by showing us some information which can be independently verified.

    Also I have observed that the closing date for this new fund raising have already moved from 15 Dec to 30 Dec.

    • Closing date 16 January.
      Invitation to buy shares in
      Fastbase Inc.

      Prior to its listing on the AIM London Stock Exchange, Fastbase intends to raise $10M USD gross proceeds with the shares priced at $2.90 USD per share including discount on a first come first serve basis.

      The private placement is limited to a minimum investment of US$ 5,000.

      The closing date for reserving share: January 16, 2019.

      You can make the reservation of shares to or use the investor form.
      Fastbase Inc.
      3422 Old Capitol Trail, Suite 700
      Delaware, 19808-6192
      United States of America
      Fastbase, Denmark
      Gamle Carlsberg Vej 16
      DK-2500 Copenhagen

    • Hello SAe,

      i just took a look. There are a couple of fastbase companies registered in the UK.
      HOwever only one with Rasmus Refer mentioned as director: (link for the companies listed).

      Fastbase Analytics Limited is Jeffrey Drummond as director.
      Fastbase Limited have been around for a while and dont appear to be connected.
      Fastbase data limited, also Jeffrey Drummond (both using a mail forwarding company address)
      (Also appear strange to have 3 software dev businesses with approximately the same name. Not sure of UK business naming conventions though)

      Fastbase data lab plc, director Rasmus Refer.address details changed to 16 Gamle Carlesbergvej Frederiksberg Denmark DK 1799.
      (which also appears to be the headquarters of the Danish Brewers Association.- )
      The other officer (Kenneth Vilster) also same address.
      The other officer appears to be a nominee company (Jordan Cosec Limited- have a look for directors in that business quite interesting-

      The accounting period has been extended to 31 Dec for Fastbase data lab plc- so hopefully there will be some new info on that soon.
      Rasmus has more than 75% voting rights and shares in this company.

  32. Don’t hold your breath Sae B. 15th to the 20th and now 30th. Using the 30th December means nothing anyone can do till early January because of holiday period. Still not a single piece of independent news or reviews. Hard to achieve when claiming a million business users. Let’s see if the goalposts are yet AGAIN moved after 30th December.

  33. Can anyone explain how got access to Google’s list of analytics users? Fastbase aren’t listed as a Google partner, and anyway that shouldn’t entitle them to a list of Google customers. This certainly smells like a scam outfit.

    • GA users are easy to find via services like Builtwith or raw crawling.

      Fastbase is a giant scam. I got another email this morning:

      Dear Google Analytics Users
      Fastbase’s is targeting admission to London Stock Exchange in Q2, 2019, as the fastest growing SaaS web analytics and lead generation tool built upon Google Analytics.
      Since your company are using Google Analytics/Fastbase, you are invited to buy shares in Fastbase Inc. with discount in the Pre-IPO.
      You have the opportunity to purchase up to 50,000 shares at US$ 2,90 per share including discount.
      The closing date for reserving shares is December 30, 2018.
      To reserve your shares now, contact us at or use the share reservation form.

      Largest Google Analytics Extension.
      Most of all, however, we are proud to say that became the most employed lead generation tool for Google Analytics, Worldwide! – analyzing the incredible number of up to 6.5 billion website visitors Monthly from +1 million companies and top brands.
      Fastbase in Press, December 12, 2018.

  34. Thomas…
    This rns is the ONLY official (non fastbase written) info on the www.
    This rns was the reason alot of people invested into fastbase…. GUN and its director Harris have alot of questions to answer if fastbase doesn’t ipo.
    I for one am very interested as to how Harris and Refer met.

  35. How do we get Fastbase prosecuted for breach of GDPR. They are totally ignoring the legislation and using personal data without permission. I’m being constantly spammed by them despite multiple complaints to the ICO and Rasmus Refers personal promise that they will stop. He’s lying through his teeth and has no intention of stopping. These people must be stopped and made an example of. Anyone investing in their IPO is a fool.

  36. Very good article, Blaine. Interesting comments, too. Per my initial research in this product segment, there are at least 40 (ish) companies competing in the ‘website visitor tracking’ software category.

    I discuss these tools and intro several of the leading vendors here:

    I also compare these approaches with what is available just via standard Google Analytics, and why B2B firms want more than just GA for sales purposes.

    I do think these can be useful B2B software tools for many firms when used with the right expectations.


  37. BEWARE — the scam continues. I’ve received several unsolicited emails offering the chance to buy into their IPO.

    The funny thing is they set dates in 2018 for their IPO, and now as recently as Feb 25th and today’s email claims the closing date is now March 1st. WHAT A SCAM. Be careful everyone, this Rasmus guy shows no concern about GDRP and other privacy laws and there’s no way they have 700,000+ customers. Not a single review, not a single testimonial…I smell a skunk.

    How Google isn’t suing them for misuse of trademark and brand confusion. Look at their website…everything they do is to try to trick you into thinking the product is offered by Google.

  38. I initially registered for the latest ipo (post jan 16) and was hopeful i get something for the next one (i was offered 10k shares at $3.45). I was abroad and didnt pay, i now get another email saying that if i pay by march 8 i would be getting 18% dividend shares.

    Is this a scam?

    • Hi, from the comments on this article, you can see that there are many concerned investors. But you will also see comments above from Rasmus Refer , Fastbase CEO seeking to reassure people. You will need to use your judgement to decide which option to choose.

  39. I am so glad i came across this page! i also received an email saying that, as i use google adwords i have a chance to invest etc. The deadline being tomorrow 08th March 2019. I just sat down and decided to do some more research before i purchased and now i dont think i will be giving any money to fastbase. i also spoke to henrik twice and ys found it strange that the ceo was answering the phone and personally replying to email. when they did send through the shares certificate and a form for me to sign the figures were incorrect as well, (in usd instead of gbp). thanks to everyone here i feel you have saved me! i hope everyone gets their issues sorted out, all the best 🙂

    • Fastbase Data Labs is not connected to Fastbase Inc. The shares are 100% owned by Rasmus Refer and not Fastbase Inc. So at this juncture no connection whatsoever. On another subject , I’m reading Shakespeare’s Hamlet right now. I’ve just come to the page where it says ” There’s something rotten in the State of Denmark ” Anyone else read Shakespeare ?

      • With regards to the two company names…
        I asked RR about it… He said they were in the process of merging the two companies.

  40. Despite all the foregoing comments, I believe that Fastbase’s plans for an IPO are genuine. I called them on Monday 3/11 and wound up talking with the CFO, Henrik Carstensen. He said they were working toward an IPO with WH Ireland. So I called WH Ireland and got the following reply. This doesn’t mean that the IPO is guaranteed to happen, but they definitely are working on it.

    I can confirm that WH Ireland Limited has entered into a mandate concerning the proposed AIM IPO of FastBase, however work has yet to commence on this project.
    Kind regards

    Chris Fielding FCA
    Managing Director, Corporate Finance & Head of Operations, CIB
    Direct: 020 7220 1650
    Mobile: 07775 785905

    Chris Fielding

    • Yeah right…..Like W H Ireland would disclose any information at all or even disclose who was on their customer base. NOT IN A MILLION YEARS.

  41. Just got another invitation to buy shares in Fastbase…I think this makes the 5th one I’ve received already this year (got a few last year too)…each time the closing date is pushed out a couple of weeks.


    Here’s the text from the email I received:


    Invitation to join Fastbase Inc. Pre-IPO

    Since your company are using Google Analytics, you have the opportunity to purchase up to 25,000 shares at US$ 3.45 per share including discount.

    Fastbase is targeting admission to the London Stock Exchange in Q2/Q3, 2019, as the fastest-growing SaaS web analytics and lead generation tool built upon Google Analytics.

    The closing date for reserving shares is March 15, 2019.

  42. Question for Daniel Schwartz, did you ask how it is possible that Fastbase has NO (none, zero, nada) customer reviews/case studies/testimonials yet they claim to have hundreds of thousands of customers?

  43. There is no actual website for the firm, and do not exist, even though they use the these as email addresses?. Very dodgy, luckily I did not pay for my shares. I was about to but found this website and changed my mind. However they continue to ask for payment.

    • So Gunsynd have alienated themselves from Fastbase. No longer ‘ advising ‘ them with regards to the never happening Fastbase IPO. All is now quiet regarding Refer and Fastbase. No news…No self written unverifiable news releases…zilch…nada….nowt. Does any poor person who paid for shares have any updates ? Any newsletters? Anything at all ? Or have they just vanished as most expected ? There is still one BIG unanswered question…..How did Hamish Harris of Gunsynd get together with Rasmus Refer ?

  44. I think the invitation to buy shares is also a scam like Fastbase and run by the same heartless crew.

  45. I bought fastbase shares long time ago,
    I still don’t have return from my purchases…
    Someone knows what I can do? I feel desperate…
    Thanks for help

    • Oh dear. I’m sorry to say, but in my opinion anyone who invested their hard earned cash in Fastbase will never see any return. They raised as much cash as they possibly could before people realised what the outcome would be. Sorry Valentin, but seems a non starter from RR…..AGAIN.
      Just my opinion of course.
      Not a peep out of them since 5th March closing date for investors, apart from a self written release written to deliberately make it look like an endorsement from a legit source. UK company set up but never connected with the Fastbase that investors sent their hard earned cash. The warnings were given for a long time but seems some of the duped never saw them. How does Rasmus Refer get away with it ?
      Oh well…Caveat Emptor and all that.
      Just my personal opinions.

    • Apologies for delay in approving comments. Someone who would rather this blog post is not visible to the public has gone to some lengths to report it as malicious / phishing so i repeatedly have to fill out false/positive web forms to get it cleared from certain filters. If you should find difficulty in reaching this site in the future please drop me a line at

  46. there may be other people in my case, and can join together to take action…?
    without being sure that this will lead to a result!
    How these people can continu that without being worried that is incredible?

    • If there is someone who would like to form a group then please contact me and I will contact other individuals who have submitted to these comments and ask if they would like to be connected to the group. I am not a Fastbase investor – just happened to stumble into this by writing a blog post.

      • Hi
        I have invest in fastbase too.
        These people dont answer
        and no newsLetter from february.
        I want be in the group if you want me…
        Thank you

      • Hi, Blaine. I would definitely like to join the group if one is being formed. I have no idea whether this is a scam or not but if there’s a way we can get more information by joining together, I’m all for it.

  47. A listing on OTC is not worth the paper it’s written on. Unregulated nonsense. Pink Papers. My hamster could list on OTC.

  48. Come on guys!

    Masterseek aswell as Fastbase are scam companies – Rasums Refer is a con-man and has been for years. And he is personally bankrupt several times over… this is no secret in Denmark!

    Exercise due diligence in the future!
    Sorry for your losses…

  49. I would like to be part of any group that could possibly go after Rasmus. I used Fastbase And it actually worked. I gained a huge client from it got my business but now it seems as though I have invested in a scam. Please contact me if you wish. Thanks

    • Hi Bob, for legal reasons comments on this blog are moderated. Fastbase requested your earlier post be removed as this information was marked as confidential for shareholders only.

  50. Fastbase Shareholder Newsletter
    June 17, 2019

    First of all, thank you for having supported Fastbase Inc. with the successful completion of our private placement round, rest assured that the company will invest the proceeds with great care in the execution of its strategy.

    Fastbase strategic advisors, management, and board are all set with maximum efforts to realize the business projected.

    Over the last two months, we have been working arduously towards our listing on the OTC QB, which is part of our dual listing strategy.

    Our strategy and progress for the public listing of Fastbase Inc. are as follows:

    Fastbase through a reverse merger will list on the OTC, we are currently in the last stages of this process and will receive the ticker code within 14 days. As is required our full audited financials are being prepared, and our US advisor will assist in the up-list of Fastbase to OTC QB. After up-list to OTC QB, this will translate into more investor attraction and makes it easier to attract capital raising in the United States. The up-list to OTC QB is expected to be the end of summer.

    Once uplisted to the OTC QB, a dual listing is planned to take place on London AIM or Börse Frankfurt, as soon as the outcome of Brexit is determined.

    We see our coming IPO as the start of a campaign that has only just begun. Our IPO will include face-to-face investor presentations in both Europe and the USA. Presentations of Fastbase SaaS programs and new software will be in detail at capital markets days. Regular presentations will also be made to private investors, where we will be open to critique and Q/A.

    We will build an investor awareness campaign together with our investment bankers and advisors. This campaign will include a plan to do blogs with our investors.

    Fastbase Public listing process.

    Stage 1.
    Listing on the OTC Stock Market in New York.

    Stage 2.
    Fastbase uplist to the OTC QB Stock Market in New York

    Stage 3.
    Fastbase Dual uplisting on AIM, London Stock Exchange / Börse Frankfurt

    Stage 4.
    Series-B financing

    Fastbase listed on the Nasdaq/NYSE capital market.

    Our US financial advisor Maxim Group LLC is working on preparing investor analysis. It is a process, which is already in motion, and we plan to have the next set of meetings with investors throughout 2019 at conferences and investor hubs.

  51. Hi there, I also purchased shares on this company and have been receiving regular updates though I get the impression that listing the company on the London Stock Exchange keeps getting delayed and delayed each time though there are more “last minute, only for you” offers to buy more. Is this a sham or not?

  52. Thanks if this is a scam and they have taken our hard earned money, why is the company not investigated as well as the owner. Do I need to organise this on my own or join a group class action?

    Recently we received documentation regarding the conversion of shareholdings in Fastbase Inc ( Delaware ) to the OTC-listed entity Fastbase Inc (Nevada, with the ticker code: FBSE). To me this seems legitimate ever though I see this discussion, not clear on which way to go.

  53. Yes Rio D, it seems the only way to make any progress toward holding Rasmus accountable is for someone to take the lead. This is clearly a scam yet he seems slippery and able to continue to propagate the theft of people’s money. Crazy to me how this is possible in 2019, yet it clearly he is still getting away with it.

  54. i too have lost money to the rasmus scam. i come back here and check to see if any progress but looks like we’ve all given up! terrible state of affairs

  55. This is very clearly some sort of scam.

    I have received four emails from them, so far. The first back in December. All of them to an email that I have never used anywhere (info@) – in other words, it’s unsolicited spam.
    The last email was even sent using a list called “Google_analytics_UnVerified_Emails_Non_US” (it was shown on the unsubscribe form).

    The “From” addresses used:;;;

    The “Reply-to” used:;

    Here’s the OTC entry:
    Notice the skull and cross-bones…

  56. Hello,

    I also received offer to buy share of Fastbase (OTC:FBSE) yesterday, and frankly speaking, i am very interested into invest to this company, until i found this topic. Thank you all.

    OMG, they want to sell me their share at price USD 4.34 with USD 0.001 Par Value each

  57. There’s also every chance that other scammers have latched onto the same idea and are piggy-backing on the Fastbase pre-IPO shares idea.

    The reason I came across this blog entry was because of such a report of scammers doing this.

    So whether Fastbase is indeed a real concern and does end up listing in some sort of way, I would be deleting any such emails (from anyone).

    As an investor, I wouldn’t be investing in *anything* that says pre-IPO unless I had a presentation of clear financial information on the company (such as revenue and the number of paying customers, expenses, supplier arrangements), the total number of shares being offered, and what the IPO costs were. And a history of the owner(s) – since successful companies are generally started by people who have had a solid history of success in their given area, or some compelling reason to invest in them – particularly in tech. (Yes there are always the very rare exceptions).

    There is one thing that is clearly fishy about Fastbase regardless of anything else – absolutely no-one can verify the number of *paying* customers or actually any revenue figures. Surely that must raise significant doubts before you send someone some money? The other very important question is, “If this company actually had what it said, then why isn’t it approaching venture funds?” (though even venture capitalists can be scammed – Theranos anyone?)

    I’d be willing to bet that Fastbase is a dud. Blaine’s review is compelling – yes Fastbase may return some company data with its service, but it seriously lags behind competing products, and all of the hype is company-fostered. As there has not been one mention anywhere of a paying customer having real success with the service, nor any verifiable testimonies it seems pretty far-fetched to believe it is a hugely successful product.

  58. Frankly there are better stories in the marketing space which are already trading on markets (I know, some like The Trade Desk have gone ballistic and probably everyone wants to get in early on this sort of action) but as is always the case “Buyer Beware”.

    • Eric……the news article you include a link to is a self written piece by Fasbase itself. All Fasbase news articles are self written and unverifiable.

  59. It is a conundrum. The original article was written in 2018 and was started because the company had “almost no footprint across the web – no reviews, no mentions, no social media presence”
    There are reviews:
    What is Google Analytics Fastbase and do I need it? (2016)
    Fastbase, what can we do with it? (2018)
    There is a Fastbase Twitter and a Fastbase LinkedIn

  60. Hello. I’m the new CEO of Fastbase as noted in the article/press release (that, yes, we wrote) that Eric mentions above. Fastbase has absolutely made some mistakes in the past, investor relations has not been great, customer service has at times not been great, but I can assure anyone reading this that Fastbase is a legitimate company and is not a scam. I’m working very hard to fix any outstanding issues and move the company forward. We actually do have great technology and a strong desire to help companies find leads and drive revenue. I’m happy to hear from anyone who has any questions, comments, issues, concerns, etc. My e-mail is Thank you! Kevin Rodgers

  61. Has anybody ever seen any financial statements from this company? Seems very strange that there is nothing to be found online. Maybe it is a scam after all. Will keep following this with popcorns in hand. 🙂

  62. hi there I’ve asked Edward Connor, Senior Consultant
    Investor Relations Dept. at Fastbase to comment on the otcmarkets ‘Caveat Emptor’ warning on their website regarding Fastbase – see link above posted by Unconable. I’ll post here if I get a response from Fastbase.

    • Sarah had posted here the response she received from Fastbase – but this has now been removed at the request of Fastbase for alleged copyright infringement and use of one of the company’s employees names without their permission.

  63. HEJ, Fastbase are based om MAsterseek, en old Danísch kompagni -have a firm in USA not to inform the stockholders, and make a generalmeating and a statement every year?? In DK, it is negotiated whether you do not comply with the rules – and RASMUS does NOT comply with any rules – only your own. Is there no supervision in the US that you can report on a – I think – barn owl and scammer like Rasmus, who together with others – according to what is written on the net about him and the others – has cheated millions in this country before here too small for the big contractor. I think he should be reported for violating the Companies Act – but something like that might no longer exist in the US under Trump ?? it inhibits free expression :-))))
    Rasmus Reefer is a predator without equal
    you can find him here:
    og MAsterseek – USA afd. –

  64. I also invested in Fastbase and seemingly been fooled. I do not trust this company and wish we never wasted our money. I am certain that we can find major fault with the company and demand a return of our funds. I’m am sure we all have legal friends 🙂

  65. Hello,

    I read somewhere that Fastbase plans to go from OTC market to NYSE or NASDAQ. Does anyone knows if that is true and when this gonna happen?

    Thank you.

  66. All shareholders just received this message so STAY away and if someone starts a lawsuit, please make it public and many will join:

    Hello Fastbase Shareholders,

    I’m sending this note as apparently this update has not been provided as of yet that I’m aware of. I’m no longer part of Fastbase effective December 31, 2020. As most of you know I started in February 2020, after serving on the advisory board of the company, with the intention of being the CEO. Unfortunately that never materialized and I was never acting in that capacity for Fastbase. I have documented many instances of decisions that were made by Rasmus and other members of the team that I was never aware of. There were also many instances that I have documented on decisions I made that were ignored or never implemented. And there were many pieces of information that I asked for that were never provided to me. It was clear that Rasmus remained the primary decision maker for the company after I started.

    But with all of that I did continue working for Fastbase through the end of 2020 as I do believe there is significant potential with the company. I can assure you all, from my point of view, that the company is working to drive revenue, drive revenue growth, and to have the stock listed in the USA on the OTC. As a fellow shareholder I want to see the company succeed. During my time at Fastbase new products were developed, existing products were improved, strategic business relationships were formed and a small company was acquired – all done to further the business of the company.

    I know some of you have concerns about Fastbase and your investment which is understandable with some false promises that were made. My personal opinion is that Rasmus and team are working towards having the stock listed on the OTC. However, as some of you are reaching out to me with concerns over your investment, I’d like to be clear in requesting that those inquiries should be directed towards Rasmus. I believe everyone’s (on this email) initial investment in Fastbase was made before I started working with the company.

    I will not be responding to any emails sent back from this message and I suspect this email address will be shut down here shortly since I’m no longer working with Fastbase.



  67. That is strange as in the earlier post he clearly states that he is ceo. so appearing to be abdicating responsibility, wonder why. Then saying the company will work in his opinion so stock not affected. this is all just weird.

  68. I think it is possible that this Kevin the CEO does not even exist in real life. He has no Linked in profile, google does not find him..

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