In the rush to make every company a fintech company, the ledger was forgotten. And without a real-time ledger, the financial balances that were once always right are now often wrong.
Fintech balances go wrong when they get out of sync with the bank and balance sheets they're built on. It's a common pattern and it's what got Evolve/Synapse into trouble. A real-time, double-entry ledger links them together and keeps them in lockstep. Instead of relying on finance teams to account for payments manually, FRAGMENT accounts for them as they're made. We believe that fintech balances need a fintech database; a modern database for money.
FRAGMENT is meant for fintech engineers, builders of the countless marketplace, vertical SaaS and finance apps that involve keeping customer balances in order. Tracking a real-time view into what customers owe and own is a pain, and we want you to know: you don't have to worry about this part anymore. In less than a week, you can set up all the infrastructure you need to handle balances in a financially correct way. You don't have to recreate double-entry accounting, build your own database to enforce it, or stress about all the edge cases that could break it.
Since FRAGMENT launched, dozens of companies have started using our ledger to build better fintech products. It's how, Nala tracks cross-border payments, TruckSmarter handles complex, multi-party payment flows and Pleo manages customer spend.
We're helping engineers spend less time worrying about balances and more time building better customer experiences.
There's no good way to reconcile money moved in fintech products with your bank, card and accounting systems. When things don't reconcile they need to be fixed by hand. And because your books won't balance until everything's fixed, it takes lots of time and effort to close and audit them. Before FRAGMENT, Pleo Head of Platform Stefan Christensen says,
“The answers to questions from regulators, investors and customers lived in spreadsheets and other ad hoc systems. FRAGMENT gives us one place to answer them.”
Stripe gave startups the same payments infrastructure as Amazon and increased the GDP of the internet to $20 trillion. Lets see what's possible when we give startups the same financial infrastructure as Square, Stripe and Uber.
Reinventing the way people exchange value is going to be a long journey and the work we've done so far is just the first step. If our story resonates with you, please reach out. We'd love your help. And, if you're an engineer and you want a ledger API that thinks the way you do, you can email us to request an API key or book a demo with our engineering team. We'd love to talk with you.