Fragment

The financial system for agents

[Fragment @LedgerAPI]

Fragment is automating commerce.

We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.

Today, people run companies. With Fragment, they'll run on their own.
https://t.co/JtHHKUg8uS

[thomas neckel @neckelthomas]

Huge thanks to @tbpn @jordihays and @johncoogan
for covering @LedgerAPI's funding announcement yesterday

[TBPN @tbpn]

Happy Wednesday. On today's show:

- @JohnCUrschel (MIT/NFL)
- @bernhardsson (Modal)
- @Tyrangiel (The Atlantic)
- @nicolasosharp (Attio)
- @JasonDBallard (ICON)
- @DanielleAxman (Wilder Market)
- @neckelthomas (Fragment)
- Kabir Jain (Erewhon)

See you on the stream.

[Jeff Weinstein @jeff_weinstein]

Fragment has been quietly building a programmable financial transaction ledger system for a few years.

If you, or your agents, do complex money movement and need to track the realtime state of funds and handle the accounting, take a look and reach out to Thomas =>

[TBPN @tbpn]

BREAKING: Fragment raises $12M Series A led by FirstMark Capital

[Addie Lerner Katz @addielerner]

Super exciting progress being made in enabling agents to run financial workflows -- the possibilities @LedgerAPI will enable are endless!!! Go @neckelthomas & Fragment team

[Michael Tannenbaum @MBTannenbaum]

@neckelthomas Congrats sir - excited to support you ... making accounting rules executable, checking each money movement before it commits, is totally aligned with the future of financial services

[Alex Kranenburg @Alex_Kranenburg]

@gokulr @neckelthomas Agent proposes merchant and amount. Fragment's ledger can hard-fail before settlement if either sits outside the user's rules. A bad tool call never becomes a wire.

[Dave Nunez @capitaltruist]

@TweetVarunMohan @LedgerAPI Hell yea, congrats! Finest brand and best taste in the game.

[Shreyan Jain @shreyanj98]

Fragment gives agents the context and tools needed to automate commerce, with organizational rules/policies enforced on every action. Very excited to see @neckelthomas @TweetVarunMohan and rest of team continue to crush!

[Charley Ma @CharleyMa]

It's truly been a pleasure watching @neckelthomas and team iterate from the early days of cove into what is now Fragment.

They set out to solves their own ledgering problems and it's evolved since then into a financial system purpose-built for agents!

[Cristina Cordova @cjc]

One thing I learned at Stripe is that moving money is only part of the problem. Knowing where it came from, where it went, and why is just as important.

As agents start making financial decisions and moving money autonomously, that infrastructure becomes more critical.

Excited to see Fragment building the financial primitives for this next era of commerce. Congrats to @neckelthomas and the team on the $12M raise!

[JC Bahr-de Stefano @jbahrdestefano]

More fintech funding!

@LedgerAPI announced their $12M Series A co-led by @FirstMarkCap + @BoxGroup (round closed mid '25)

Fragment gives AI agents the ledger + payments tools to safely handle a company's money

Seems like meaningful evolution since its '24 seed, when it was a ledger API for fintech engineers tracking customer balances. Since then it's:

- Launched its own payments product (accounts, cards + ACH, checkout UI)
- Shipped an MCP server
- Repositioned around agents

~50-60 paying customers incl. @tryramp, @billcom + @whop

https://t.co/HygbTBiJXm

[thomas neckel @neckelthomas]

We're also announcing $12M in Series A funding. @FirstMarkCap led the round with participation from @BoxGroup. @AdamRothenberg , @ClaireSmilow , @gokulr , @jaltma , @cjc , @EmilieChoi, @MaxBranzburg, @MBTannenbaum , @NikMilanovic , @jeff_weinstein , @hongxia_zhong , @getCos, @leifthunder, @shreyanj98, @addielerner have been awesome supporters as investors in Fragment

[thomas neckel @neckelthomas]

@FirstMarkCap @BoxGroup @AdamRothenberg @ClaireSmilow @gokulr @jaltma @cjc @emiliechoi @maxbranzburg @MBTannenbaum @NikMilanovic @jeff_weinstein @hongxia_zhong @getCos and huge shoutout to @c_grigera for the awesome article in Fortune
https://t.co/hniXYncvSw

[Gokul Rajaram @gokulr]

An agent shouldn’t have to be infallible to work with money. It should work inside a system that rejects invalid moves. With Fragment, the agent decides what to do. The system enforces what’s allowed.

This is how you automate commerce.

Congrats @neckelthomas and team Fragment! Excited to support you on your ambitious and powerful mission.

[thomas neckel @neckelthomas]

Fragment is automating commerce.

We think there are millions of businesses that haven't been invented yet. Not because folks lack imagination, but because it's too hard to build the financial systems that run them. Fragment removes that constraint.

Today, people run companies. With Fragment, they'll run on their own.
https://t.co/MLIu2ZUknq

[Steven Klaiber-Noble @snoble]

Pair-Programming a Wallet on Fragment (@LedgerAPI)

https://t.co/HHdm8CmTvc

[thomas neckel @neckelthomas]

We’re hosting a happy hour event at #stripesessions

If you want to see what it’s like inside the mind of a ledger, come check it out.
https://t.co/Qmm4FvJpIn

[thomas neckel @neckelthomas]

For scaling fintechs, a real-time ledger isn’t enough. It also needs be high throughput.

Why?
Because every entry updates different accounts. And different accounts serve different audiences. You may need strong consistency for user accounts and high throughput for revenue reporting ones. And it’s hard to get general purpose product DBs to do both.

So what do you do?
You could update real-time balances in one system and high throughput ones in another, but then you have to reconcile them and that’s a whole other problem.

A ledger for engineers lets you configure each account with it’s own consistency type. So user balances are strongly consistent, monthly balances are high throughput and every balance is always right.

If you’re an engineer and you want a ledger that thinks the way you do, check us out- https://t.co/DLuHIlBmi0