Fragment
Fragment provides a GraphQL-based ledger API for fintechs, brokers, and marketplaces to declaratively define, track, and reconcile multi-party money flows across currencies. Its Ledger and Billing products serve engineering teams building automated AR/AP and agent-driven payment systems.
- Company typePrivate
- Founded2021
- HeadquartersSeattle, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Fragment does
Fragment operates a financial-infrastructure API that functions as a purpose-built database for money. The company's two core products are Ledger and Billing. The Ledger is a GraphQL-based double-entry ledger that allows engineering teams to define money flows declaratively using JSON Schemas covering charts of accounts, entry types, conditions, and consistency rules; it supports multi-currency accounts (fiat, stablecoins such as USDC/USDT, and custom currencies like reward points), configurable strong-vs-eventual consistency modes, idempotent writes, native reconciliation queries, and immutable versioning. The Billing product, currently invite-only and in preview as of January 2026, extends the ledger into multi-party invoicing and self-settling payments with agent-first execution and wallet-level limits and credits. Fragment serves fintechs, brokers, and marketplaces — explicitly targeting companies whose products require multi-party money flows, real-time balance consistency, and automated AR/AP operations. Documented customers span spend management (Pleo), fleet payments (AtoB), retirement/financial services (Basic Capital), and energy (Nomos); additional logos include Bill, Nala, and Felix.
Under the hood, the platform runs on AWS across five regions (us-east-1, us-east-2, us-west-2, eu-west-1, ap-southeast-2), uses OAuth2 client-credentials authentication, exposes GraphQL with application-level error union types, and ships strongly-typed SDKs in TypeScript, Go, Python, and Ruby alongside an npm-distributed CLI for schema deployment, codegen, and data migration. The company holds SOC 2 Type II certification. Revenue mechanics are subscription-based, with a free Ledger tier and tiered pricing tied to entry volume, growth, and deployment regions; enterprise pricing is handled via direct sales. Distribution is primarily product-led through developer self-service documentation and SDKs, with an enterprise overlay via 'Book a Demo' for larger deployments.
Fragment firmographics
Firmographics- Name
- Fragment
- Legal name
- FRAGMENT Foundries, Inc.
- Website
- https://fragment.dev
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Fragment provides a GraphQL-based ledger API for fintechs, brokers, and marketplaces to declaratively define, track, and reconcile multi-party money flows across currencies. Its Ledger and Billing products serve engineering teams building automated AR/AP and agent-driven payment systems.
- Ownership category
- akta.pro rank
Fragment industry classification
Industry- Product category
- Financial Infrastructure / Ledger Database API
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Other Nondepository Credit Intermediation (52229)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industry
- Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)
Keywords
Where Fragment is headquartered
LocationHeadquarters
- HQ city
- Seattle
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Fragment business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Ledger API Platform: Subscription-based access to ledger API infrastructure with pricing tiers based on entry volume, growth, and deployment regions. Currently invite-only for Billing product with free tier available for Ledger. Revenue generated from API usage across multiple workspaces.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free Ledger tier with basic functionality |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Fragment product offering
Product offeringCore offering
Fragment provides a purpose-built ledger database and multi-party billing API for fintechs, brokers, and marketplaces. The Ledger product offers declarative, schema-driven double-entry accounting with multi-currency support, configurable consistency, idempotent operations, and native integrations with Stripe, Unit, and Plaid. The Billing product extends the ledger with agent-first, self-settling multi-party invoicing for complex transactions involving unlimited counterparties.
Product overview
FRAGMENT is a financial infrastructure platform providing two core products: Ledger and Billing. The Ledger is a double-entry database purpose-built for managing money flows in fintechs, marketplaces, and brokers, with Schema-based configuration and multi-currency support. The Billing module extends the ledger with multi-party invoice management and self-settling payments for agent workflows. Supporting infrastructure includes TypeScript, Go, Ruby, and Python SDKs, a CLI tool for schema management and SDK generation, a Dashboard for visual ledger operations, and Native Links for Stripe and Unit integration. The platform operates on a GraphQL API with idempotent mutations, supports multiple AWS regions, and offers both eventually consistent and strongly consistent balance reads.
Differentiator
Problem solved
Functional benefit
Products and services
- Ledger The foundational double-entry ledger database for tracking money flows. Provides declarative Schema-based configuration, multi-currency support (including stablecoins and custom currencies), real-time and eventual consistency options, and integration with external financial systems via Native Links (Stripe, Unit) and Custom Links. Used by fintechs, marketplaces, and brokers as their system of record for balances.
- Billing Multi-party billing service designed for complex transactions involving unlimited parties. Enables invoice creation with typed balances, agent-first execution, self-settling payments, and balance-aware accounts with wallet limits and credits for autonomous agent workflows.
- TypeScript SDK Official strongly-typed SDK for TypeScript and Node.js environments. Includes built-in operations, schema-specific codegen via fragment-node-client-codegen, and integration with Fragment's GraphQL API.
- Go SDK Official Go SDK using idiomatic Go patterns for integrating with Fragment's Ledger API. Available via module URL with /v3 endpoint.
- Ruby SDK Official Ruby SDK for integrating with Fragment's Ledger API, part of the multi-language SDK suite.
- Python SDK Official Python SDK for integrating with Fragment's Ledger API.
- FRAGMENT CLI Command-line interface for Fragment operations including schema deployment, SDK generation (gen-graphql), workspace management, data migration (migrateLedgerEntry, reverseLedgerEntry), ledger/entry deletion, and schema verification (verify-schema). Available via npm and Homebrew.
Quantifiable outcome
- 12x faster development velocity (1 month vs 1 year)
- +4 more outcomes
Companies that use Fragment
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles5 records
Fragment technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature7 records
Fragment partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- StripecoreNative Stripe Link integration allowing syncing of Stripe transactions and balances directly into FRAGMENT ledger accounts. Supports Stripe Connect accounts for platform businesses.
- PlaidcorePlaid integration for bank account connectivity and transaction syncing into FRAGMENT ledger accounts.
- UnitcoreNative Unit Link integration for linking ledger accounts at FRAGMENT with bank accounts at Unit for reconciliation and balance tracking.
- AWS (Amazon Web Services)coreInfrastructure platform providing multi-region deployment in us-east-1, us-east-2, us-west-2, eu-west-1, and ap-southeast-2 (Sydney) regions.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Fragment competitors and assessment
Company assessmentDirect peers
- Increase: Increase offers banking and ledger infrastructure APIs (including high-yield and programmable bank accounts) for fintechs and platforms. Its ledger primitives and developer-first API philosophy directly overlap with Fragment's offering, although Increase is more bank-rail-focused.
- Modern Treasury: Modern Treasury provides payment operations software with a ledger-centric API for tracking money movement across bank accounts, similar to Fragment's core Ledger product. Both target fintechs and marketplaces building multi-party payment flows, though Modern Treasury has expanded into broader money-movement orchestration.
- Unit: Unit provides banking-as-a-service infrastructure with built-in ledger and reconciliation capabilities, and is one of Fragment's Native Link partners. Both serve fintechs building account-based products with multi-party money flows; Unit extends further into chartered banking services.
- Synctera: Synctera offers end-to-end banking-as-a-service with ledger, compliance, and card-issuing infrastructure for fintechs. It competes with Fragment for developer-led fintech customers building account-based products, with broader compliance and sponsor-bank coverage.
- Treasury Prime: Treasury Prime provides a banking-infrastructure API for fintechs, including ledger, ACH/wire, and card issuing. It overlaps with Fragment in serving developer-led fintechs building account-based money products, with a slightly more full-stack banking angle.
- Column (formerly Column Bank): Column is a bank-as-a-platform provider offering API-accessible bank accounts with ledger and treasury capabilities. Like Fragment, it targets fintechs and platforms that need programmable multi-party money movement, though Column operates as a chartered bank.
Emerging players
- Bridge (Stripe): Bridge provides stablecoin orchestration APIs for businesses, including ledger and treasury primitives. It overlaps with Fragment's stablecoin/multi-currency roadmap, though focused narrowly on USDC payment flows; Stripe's acquisition deepens distribution overlap with Fragment's Stripe-aligned customers.
Broad incumbents
- Plaid: Plaid is a broad incumbent in financial data connectivity with bank-account and transaction APIs that Fragment integrates with via Plaid Link. While not a direct ledger competitor, Plaid overlaps in serving fintech developers and could expand further into payment/ledger primitives.
- Stripe Treasury: Stripe Treasury embeds banking and ledger functionality into the Stripe platform for marketplaces and platforms, and Stripe itself is a Fragment investor and Native Link partner. As a broad incumbent payments giant, it competes with Fragment where customers already standardize on Stripe infrastructure.
- Circle: Circle is a major USDC issuer building developer APIs and ledger/treasury tooling around stablecoins. It competes with Fragment on the multi-currency/stablecoin rails, particularly for fintechs and platforms transacting in USDC at scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Fragment social profiles
Digital presenceFragment compliance and trust
Trust signalCompliance1 record
Fragment financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fragment leadership team
Management profileNumber of profiles
Profiles2 records
Fragment funding detail
Funding detailFunding overview
Funding rounds2 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fragment M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fragment
What does Fragment do?
Fragment provides a purpose-built ledger database and multi-party billing API for fintechs, brokers, and marketplaces. The Ledger product offers declarative, schema-driven double-entry accounting with multi-currency support, configurable consistency, idempotent operations, and native integrations with Stripe, Unit, and Plaid. The Billing product extends the ledger with agent-first, self-settling multi-party invoicing for complex transactions involving unlimited counterparties.
Is Fragment a public or private company?
Fragment is a private company. It is classified as venture growth investor backed and is currently operating.
When was Fragment founded?
Fragment was founded in 2021. It employs 11 to 50 people.
Where is Fragment based?
Fragment is headquartered in Seattle, United States, in the North America region.
How does Fragment make money?
One revenue line is on record: ledger API Platform.
Who are Fragment's main competitors?
Direct peers on record are Increase, Modern Treasury, Unit, Synctera, Treasury Prime and Column (formerly Column Bank). Bridge (Stripe) is listed as an emerging player. Broad incumbents are Plaid, Stripe Treasury and Circle.
Does Fragment have an API?
Yes. Fragment provides a GraphQL API for managing financial data infrastructure. The API enables developers to post ledger entries, reconcile transactions, manage multi-currency accounts, query balances, and automate billing operations. It uses OAuth2 client credentials flow for authentication, supports idempotent mutations for safe retries, and is available across multiple AWS regions (us-east-1, us-east-2, us-west-2, eu-west-1, ap-southeast-2). Access tokens expire in 1 hour and must be refreshed. The API returns application-level errors as union types (e.g., BadRequestError, InternalError) alongside successful results. Developer documentation is at fragment.dev/api-reference.
What industry is Fragment in?
Fragment's product category is Financial Infrastructure / Ledger Database API. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAGALAB, Embedded Payments (Pay-ins, Pay-outs, Wallets). Its NAICS code is 522320 and its SIC code is 6200.