← Embedded Finance Index 2026

Fragment

Also a provider — view Fragment’s profile →

“Can a programmable ledger become the financial operating system that lets AI agents (not humans) build and run businesses?”

Founded2021
HQNew York, NY, USA
FoundersThomas Neckel, Omi Chowdhury
Total raised$19.55M
Latest roundSeed, 2024
IndustryInfrastructure / Ledger

The story

Founded 2021 as a double-entry ledger API for engineers building fintech apps. Through 2024-2025 Fragment was positioned as 'Modern Treasury for the backend ledger layer.' In 2026 the company pivoted into a broader 'financial system for agents' thesis — adding Payments and Recon products, launching an MCP server so LLMs can read/write money flows, and repositioning as the control plane for AI-driven commerce rather than just a ledger primitive.

Last 12 months

2026-08

Launched Payment Accounts product

2026-07

Released Fragment MCP Server for LLM agent integration

2025-08

Named to Generalist Future 50

Product timeline

2021

Founded by Thomas Neckel and Omi Chowdhury (3rd startup together after Scuid and Cove.io)· founding

2024

Raised $9M seed from BoxGroup and others; profiled by TechCrunch as ledger API for engineers· funding

2026

Launched Fragment Payments and Fragment Recon (expanding beyond ledger-only); released Fragment MCP server for AI agents· pivot

The stack

2 layers disclosed in Fragment’s embedded-finance stack

Money movement

ACH

Ledger

in the full report

Accounting gap: none

1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Fragment — frequently asked

Which payment rails does Fragment use?

Fragment moves money over ACH.

What ledger does Fragment use?

Fragment runs its ledger on Fragment (in-house).

What is Fragment's embedded finance stack?

The Embedded Finance Index 2026 maps 2 layers in Fragment's stack: Money movement (ACH); Ledger (Fragment (in-house)).

Who founded Fragment?

Fragment was founded by Thomas Neckel and Omi Chowdhury and is founded in 2021, headquartered in New York, NY, USA.

How much funding has Fragment raised?

Fragment has raised $19.55M in total (latest round: Seed, 2024).

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