Fragment

Financial Infrastructure / Ledger Database APIfragment.dev

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

Ledger infrastructure
Fintech APIs
Payment reconciliation
Multi-currency ledger
Multi-party billing

Where Fragment is headquartered

Location

Headquarters

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 offering

Core 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 profile

Named customers4 records

Segments3 records

Ideal customer profiles5 records

Fragment technology and API

Technology

Technology 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 signal

Partnerships

Four partnerships are on record, tiered core.

StripecoreTechnology or IntegrationNative Stripe Link integration allowing syncing of Stripe transactions and balances directly into FRAGMENT ledger accounts. Supports Stripe Connect accounts for platform businesses.
PlaidcoreTechnology or IntegrationPlaid integration for bank account connectivity and transaction syncing into FRAGMENT ledger accounts.
UnitcoreTechnology or IntegrationNative Unit Link integration for linking ledger accounts at FRAGMENT with bank accounts at Unit for reconciliation and balance tracking.
AWS (Amazon Web Services)coreTechnology or IntegrationInfrastructure 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 assessment

Direct 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 compliance and trust

Trust signal

Compliance1 record

Fragment financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Fragment leadership team

Management profile

Number of profiles

Profiles2 records

Fragment funding detail

Funding detail

Funding 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 investment

M&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?

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.