Fragment

The database for money

[Fragment @LedgerAPI]

Hello world.

@LedgerAPI, we’re building a double-entry ledger for engineers. Compose any funds flow, turn it into code, embed it in your product, and never get another balance wrong.

Until now, fintech companies were built on programmable versions of the single-entry systems the rest of the economy outgrew in the 1500s. We’re excited to see what’s possible when you arm them with programmable versions of the double-entry systems the modern economy runs on.

[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

[thomas neckel @neckelthomas]

@sankaet @a16z If you give us access to this ledger data, we'll reconcile it to the penny for free
https://t.co/GjJzoqLwBt

[thomas neckel @neckelthomas]

Why do most fintech balances go wrong?
Because the fund flows that update them don’t do accounting.
Why don’t they do accounting?
Because those flows are written in code. And the people writing the code are engineers, not accountants.

The way to solve balances is not to force devs to write flows that do accounting. It’s to encode all your flows in a dev-friendly accounting schema. And the best schemas auto-generate type-safe functions (SDKs) for each event in your flow. When balances absolutely, positively have to be right, they have to run on a ledger for engineers.

If you’re an engineer and you want a ledger that thinks the way you do, check us out- https://t.co/yECBCz8sgd

[thomas neckel @neckelthomas]

Ledgers make money programmable. They can be a bank, brokerage, marketplace or whole economy just by changing the instructions they’re given. But they’re written in a language (accounting) that’s foreign to most engineers. In lieu of ledgers, they rely on spreadsheets and custom code.

A ledger for engineers encodes these instructions in a schema. Schemas are like lego for ledgers: simple, prefabricated software blocks (JSON) you can assemble in a few clicks. With Fragment, you can exchange value in real-time, without spreadsheets and without dedicated teams. And because we track every transaction across all your systems, payments always reconcile and balances are never wrong.

If you’re an engineer and you want a ledger that thinks the way you do, check us out- https://t.co/yECBCz8sgd

[thomas neckel @neckelthomas]

Most ledgers force you to learn a whole new accounting vocabulary before you can use them. Concepts like credits and debits suck because, unlike numbers, they’re hard to reason about. And because they don��t explain why money moved, they’re too imprecise to be reliable.

A ledger for engineers abstracts away credits and debits with Account Types. With account types you get the flexibility to express money in a familiar way (as numbers) and the guarantee that those numbers are financially correct.

If you're an engineer and you want a ledger that thinks the way you do, check us out- https://t.co/yECBCz8sgd

[Fragment @LedgerAPI]

Fintech observability is real-time accounting. To know if you’re processing payments correctly you need to:
1. Calculate the money you should have from internal product data
2. Calculate the money you actually have from external bank data
3. Continuously compare the two
Accountants use ledgers to do this manually and call the process reconciliation. @LedgerAPI lets engineers do the same job using code.

[Fragment @LedgerAPI]

The trouble with writing code to track money is you never see the money. And by the time you find out you wrote it wrong, it’s too late.

Enter Scenarios, a visual programming interface that shows you the money. With Scenarios, you can simulate your money tracking code before you deploy it. This lets you surface edge cases faster and catch bugs before they cause problems.

Check out a demo to see for yourself.
https://t.co/0R9NCa0zrD

[Fragment @LedgerAPI]

@Gideofire @wallet_tg you're looking for https://t.co/mV8xh8T00c. We're https://t.co/BGyKYzFq0w. The two are unrelated

[Fragment @LedgerAPI]

@pedramvafaeian you're looking for https://t.co/mV8xh8T00c. We're https://t.co/BGyKYzFq0w. The two are unrelated

[Fragment @LedgerAPI]

Hello world.

@LedgerAPI, we’re building a double-entry ledger for engineers. Compose any funds flow, turn it into code, embed it in your product, and never get another balance wrong.

Until now, fintech companies were built on programmable versions of the single-entry systems the rest of the economy outgrew in the 1500s. We’re excited to see what’s possible when you arm them with programmable versions of the double-entry systems the modern economy runs on.

[Fragment @LedgerAPI]

@AHavosh Hey Ali- we're https://t.co/BGyKYzFXQ4. No relation to https://t.co/mV8xh8TxPK.

[Gokul Rajaram @gokulr]

Keeping customer balances in order is critical for every technology company, especially fintechs (and an increasing number of software companies today are fintechs). Unfortunately, this is far harder to do than it appears - tracking a real-time view into what customers owe and own is complex and fragile, and companies end up recreating double-entry accounting, stressing about the fragile edge cases, and even in some cases building their own database to enforce it.

No more! Fragment's platform helps engineers access the same sophisticated infrastructure powering the largest financial services businesses today. This ensures that financial systems always reconcile so teams can build faster, avoid time-consuming repair work, and continuously close by accounting for every payment as it’s made.

Excited to support @neckelthomas and the amazing Fragment team on their mission to be the financial database for every company.

[Karim Atiyeh @karimatiyeh]

Very excited for @neckelthomas and the Fragment team. It’s been a pleasure working with them over the years. Big fan 🙌🏻

[Avid Ventures @AvidVc]

Congratulations @neckelthomas and team @LedgerAPI !! We are thrilled to be your partner on this journey in building Fragment.

[Adam Rothenberg @AdamRothenberg]

Fintech has a ledger problem and Fragment is here to solve it by being THE database for money cc: @LedgerAPI

[Simon Taylor @sytaylor]

Solving reconciliation and accounting sounds easy but is super hard (as we see with Evolve, Synapse and the whole saga). It doesn't surprise me to see that Fragment (@LedgerAPI) has raised to solve this issue.

They quietly have some enormous clients and a thoughtful approach to problem-solving

(I'm not an investor, legit just know Omi because his parents live near my house)

https://t.co/6wTZuQI647

[Shreyan Jain @shreyanj98]

Decided to angel into @LedgerAPI the day I read their API docs, which are to date the best I’ve ever seen. They’re the rare team that combines stellar eng ability, deep domain expertise, and commitment to craft above all else, and I’m lucky to support them. Congrats on launch!

[Vinay Venkatesh @vivenkat92]

Real problem in payments for sure. Doing this at scale and making it easy helps all parties. Excited to see where Fragment goes.