Fragment has raised $12 million in a Series A funding round led by FirstMark, with additional investment from BoxGroup. The latest funding brings the company’s total funding to $23 million.

The company will use the investment to develop financial infrastructure that enables AI agents to handle business transactions.

FirstMark believes that AI agents need more than access to existing payment systems to carry out business transactions on their own. The investment firm says traditional financial software follows fixed processes, which may not work well for AI agents that need to make decisions based on changing situations.

Fragment aims to solve this problem by providing tools that help developers build flexible financial workflows for AI agents. Its platform also helps businesses monitor transactions and maintain control over how payments and other financial activities are handled.

Fragment is led by co-founder and CEO Thomas Neckel and co-founder and CTO Varun Mohan, who oversees product development and engineering. Mohan previously worked as an engineer at Robinhood, while the company’s wider technical team brings experience from financial technology businesses.

The founders want to help AI agents manage financial tasks while following clear rules and limits. This approach aims to give AI agents more freedom to handle transactions while keeping businesses in control.

Based in New York, Fragment is hiring across engineering, sales, and other business teams as it grows. The company aims to build financial systems that can adapt to the needs of different customers, transactions, and business models.

As AI agents take on more complex financial tasks, Fragment will need to ensure its flexible systems remain accurate and reliable. Maintaining proper financial records and controls will be important as businesses give more responsibilities to AI-powered software.