Fragment Raises $9M to Simplify Bank Account Reconciliation

Fragment, a fintech startup, has recently secured $9 million in funding. They streamline bank account reconciliation through a digital ledger API, which identifies errors in real-time using double-entry accounting.

Founders Thomas Neckel and Omi Chowdhury have a proven history, having previously sold Scuid to CA Technologies and developed Cove.io. Fragment emerged from their personal frustrations with bookkeeping.

Fragment's software accelerates account reconciliation, which is vital for businesses with high transaction volumes, eliminating the need for complex ERP software.

The API enables fintech developers to create financial products by modeling fund flows into code, which integrates into their products and synchronizes with bank accounts.

Early adopters of Fragment include TruckSmarter, Nala, and Pleo, who utilize the platform for a range of financial tasks, from fuel payments to tracking balances.

Investors in this round include prominent figures from Stripe, BoxGroup, and other tech leaders, bringing the total funding to $10.8 million since 2021.

Fragment competes with Modern Treasury but has broader ambitions to revolutionize online value exchange.

The new funding will expand their engineering team and market presence. Fragment's mission is to democratize financial infrastructure, akin to how Stripe transformed payments.