Fragment Raises $12 Million to Build Financial Tools for AI Agents

Fragment raised $12 million in a Series A to build financial software for AI agents handling billing and accounting, as businesses explore automating transactions. The New York startup’s tools use double-entry accounting to check whether transaction records balance before money moves.

The financing closed in mid-2025 and was co-led by FirstMark and BoxGroup. It followed an $11 million seed round led by Stripe. Fragment did not disclose its valuation after the Series A.

Developers can integrate Fragment’s tools into their software. The system records where money comes from and where it goes, then checks the math across those entries. The company’s tools are designed to provide a shared transaction record and reduce manual checks across financial systems.

Fragment has about 50 to 60 paying customers, including corporate card company Ramp, financial software company BILL and digital marketplace Whop.

The company was founded by CEO Thomas Neckel and CTO Varun Mohan, a former Robinhood engineer. Its product is part of a broader push to let AI agents handle commerce and payments. Visa, Mastercard, Stripe and Tempo have also announced products or partnerships related to payments by AI agents.