Fragment, a New York-based financial infrastructure startup, announced a $12 million Series A funding round on October 14, 2026. The financing was led by FirstMark, with participation from BoxGroup, bringing the company’s total funding to $23 million. The round reportedly closed in mid-2025.
Founded in 2021, Fragment is led by co-founder and CEO Thomas Neckel and CTO Varun Mohan. The company develops financial infrastructure that helps businesses integrate billing, payments and accounting capabilities into their software applications.
Fragment’s platform is designed to enable vertical AI companies to automate financial operations for their customers. It provides developers with tools to create transaction workflows, manage financial records and maintain accurate account balances as AI agents execute financial tasks.
The platform uses double-entry accounting principles and transaction controls to help prevent invalid transactions and maintain consistency across financial systems. This infrastructure allows developers to build automated financial workflows without developing their own underlying ledger systems.
Fragment identifies Ramp, BILL and Whop among its customers. Its technology supports financial operations that require reliable transaction records, reconciliation and programmable money movement.
The company previously announced a $9 million seed round in July 2024, backed by investors including BoxGroup and several fintech industry executives.
Fragment plans to expand its operations and product development, including hiring across engineering and go-to-market functions.
