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- 📝 Sam Altman backs Fragment
📝 Sam Altman backs Fragment
Liam Gill
July 23, 2024
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News of the Day
Closing the books at the end of the month is a notoriously painful task, particularly for businesses handling vast numbers of transactions; Fragment, a startup founded in 2021 by Thomas Neckel and Omi Chowdhury, offers a solution with a digital ledger API that uses real-time, double-entry accounting to streamline this process. Neckel and Chowdhury previously built and sold the identity management company Scuid to CA Technologies and then created Cove.io, where they experienced firsthand the challenges of ledger management. Fragment’s API allows fintech developers to build financial products by composing funds flow into code, which is then embedded in their products, ensuring accurate and efficient transaction reconciliation. This capability has already attracted early customers like TruckSmarter, Nala, and Pleo. Officially launching to the public, Fragment also announced a $9 million seed round, bringing total funding to $10.8 million, with investments from notable fintech leaders and Gradient Ventures. Fragment aims to enhance its engineering team and expand market resources, competing directly with companies like Modern Treasury by offering programmable financial infrastructure.
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Launching a meaningful startup isn’t about fashion; it’s about fighting the friction that holds industries back. If you're not solving a real problem, you’re just noise.
— Martin Tobias (Pre-Seed VC) (@MartinGTobias)
3:00 PM • Jul 22, 2024
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