Fragment has raised $12 million in Series A funding to expand its financial infrastructure platform for vertical AI companies seeking to automate billing, payments, accounting, and other financial operations. The financing was led by FirstMark, with participation from BoxGroup. The new round brings Fragment’s total funding to $23 million.
Fragment is developing infrastructure designed to allow AI agents to build and operate financial systems while enforcing controls intended to preserve transactional accuracy. The company positions its platform as an underlying financial layer for vertical AI businesses that want to automate financial workflows for their own customers.
Fragment said its technology provides agents with the controls, awareness, and infrastructure needed to execute financial processes at scale. The company also said its system is designed to enforce financial correctness so that invalid transactions and errors caused by AI hallucinations cannot be executed through the platform.
The company’s customers include Ramp, BILL, and Whop, reflecting its focus on supporting businesses developing financial technology and AI-enabled commerce products.
Fragment’s platform is designed to help developers build financial applications without having to create the underlying accounting and transaction infrastructure from scratch. Vertical AI companies can use the system to automate workflows spanning customer billing, payment processing, and accounting while embedding financial controls into the applications their agents operate.
The New York-based company is led by co-founder and CEO Thomas Neckel and co-founder and CTO Varun Mohan. Mohan leads Fragment’s product and engineering operations.
Fragment plans to use its additional capital to support continued growth as demand increases for infrastructure capable of connecting AI agents with financial processes. The company is actively hiring across go-to-market and engineering roles.
The Series A comes as software companies increasingly explore how autonomous AI agents can move beyond generating information to completing business processes. Fragment is targeting the financial layer of that shift, providing infrastructure intended to let agents manage and adapt financial workflows while maintaining the controls required for transaction execution.
KEY QUOTES:
“Fragment is automating commerce. Our approach is to build the financial system of the future: a new super-material that agents can build, run, and adapt to any way of doing business.”
Thomas Neckel, Co-Founder And CEO Of Fragment
“Fragment gives engineers financial superpowers: a harness with the awareness, controls, and correctness to build and run internet scale financial systems.”
Adam Nelson, Partner At FirstMark
