Wasps' Rachel Dunn delivered a shooting masterclass in the final and was named tournament MVP.
Last year's winners Loughborough Lightning failed to reach the semi-finals as they were knocked out by Surrey Storm.
Rachel Dunn was Wasps' star as she helped the side emulate their Superleague triumph by taking home the title, the trophy, and the £25,000 winner's cheque over five hours of action at London's Copper Box Arena. Superleague champions Wasps were unbeaten throughout the tournament.
Fast5 - described as netball's version of Twenty20 cricket - is a shorter form of the game aimed at attracting a wider audience to the sport and involves teams made up of five players, rather than the usual seven.
Teams are made up of five rather than seven players and shooters have the opportunity to net long-bombs from a five or three-point zone, or they can play it safe for one point under the net. The golden buzzer also returned, allowing coaches to select a two-minute period in which all points will be doubled, meaning players can put up to 10 points on the scoreboard in just one shot.
In pressure-cooker netball, Wasps defeated Sharni Layton and Surrey Storm 45-37 in an explosive encounter to reach the final, where they were joined by benecosMavericks after they crushed Severn Stars 38-8. The final was tense and fast-paced with Wasps taking their power play just four minutes into the showpiece with Dunn and Tamsin Moala ripping through the opposition.
Karyn Bailey kept Mavs in contention before taking their power play and Ellie Kelk landed a huge 10-pointer to close the gap before soon levelling at 27-27 with two minutes remaining. Dunn then took over the show with three massive five point scores, and although Karyn Bailey replied, it wasn't enough as Wasps closed out victory.
Double Elimination Stage
Loughborough Lightning 19-21 Surrey Storm
Strathclyde Sirens 4-15 Severn Stars
Team Bath 23-18 Manchester Thunder
benecos Mavericks 31-41 Wasps Netball
Surrey Storm 12-28 Severn Stars
Team Bath 23-37 Wasps Netball
Loughborough Lightning 32-28 Strathclyde Sirens
Manchester Thunder 22-32 benecos Mavericks
Surrey Storm 15-6 Loughborough Lightning
Team Bath 21-47 benecos Mavericks
Wasps Netball 45-36 Surrey Storm
Severn 8-38 benecos Mavericks
Wasps Netball 42-32 benecos Mavericks