thomas neckel

Fintech has a ledger problem. We raised $9 million from @stripe , @BoxGroup and angels like @zachperret , @cjc ,@gokulr , @jaltma, @Emiliechoi__ and @thefintechfund to solve it. techcrunch.com/2024/07/22/dig…

We’re hosting a happy hour event at #stripesessions If you want to see what it’s like inside the mind of a ledger, come check it out. lu.ma/fragment-sessi…

@jkwade @nmpajerski @LedgerAPI yea-- dm me and we'll something together

@elonmusk The way to solve this database communication problem is turn all these ad hoc payment flows into code and centralize them in a programmable database for money. The mother of all databases for money.

Amazon QLDB is shutting down in July. If you’re running QLDB and looking to transition to a ledger purpose-built for engineers, check us out: fragment.dev/get-access

For scaling fintechs, a real-time ledger isn’t enough. It also needs be high throughput. Why? Because every entry updates different accounts. And different accounts serve different audiences. You may need strong consistency for user accounts and high throughput for revenue reporting ones. And it’s hard to get general purpose product DBs to do both. So what do you do? You could update real-time balances in one system and high throughput ones in another, but then you have to reconcile them and that’s a whole other problem. A ledger for engineers lets you configure each account with it’s own consistency type. So user balances are strongly consistent, monthly balances are high throughput and every balance is always right. If you’re an engineer and you want a ledger that thinks the way you do, check us out- fragment.dev/get-access

@sankaet @a16z i'm interested

you will need both synapse and bank GL data. AMG, Lineage, etc. will provide that. Evolve will not. They were not able to provide that data to us at any point. That will be the key struggle in reconciliation. But if you want to pursue this, I am happy to help as well. To start with, I can connect you with the trustee if you are interested.

@sankaet @a16z If you give us access to this ledger data, we'll reconcile it to the penny for free x.com/danprimack/sta…

Some readers have asked if I heard from anyone at @a16z after yesterday's piece on Synapse. Nope. axios.com/2024/11/25/ven…

Why do most fintech balances go wrong? Because the fund flows that update them don’t do accounting. Why don’t they do accounting? Because those flows are written in code. And the people writing the code are engineers, not accountants. The way to solve balances is not to force devs to write flows that do accounting. It’s to encode all your flows in a dev-friendly accounting schema. And the best schemas auto-generate type-safe functions (SDKs) for each event in your flow. When balances absolutely, positively have to be right, they have to run on a ledger for engineers. If you’re an engineer and you want a ledger that thinks the way you do, check us out- fragment.dev/get-access

Ledgers make money programmable. They can be a bank, brokerage, marketplace or whole economy just by changing the instructions they’re given. But they’re written in a language (accounting) that’s foreign to most engineers. In lieu of ledgers, they rely on spreadsheets and custom code. A ledger for engineers encodes these instructions in a schema. Schemas are like lego for ledgers: simple, prefabricated software blocks (JSON) you can assemble in a few clicks. With Fragment, you can exchange value in real-time, without spreadsheets and without dedicated teams. And because we track every transaction across all your systems, payments always reconcile and balances are never wrong. If you’re an engineer and you want a ledger that thinks the way you do, check us out- fragment.dev/get-access

There’s no good way to reconcile payments sent in one currency ($1 USD) with those received in another (€.92 EUR). Whenever things don’t reconcile, they need to be fixed by hand. And because you can’t track revenue, FX exposure, liquidity or balance sheet risk until they’re all fixed, the effort to reconcile them is the source of almost all the cost and risk of running a multi-currency fintech. A ledger for engineers abstracts away currency variability with Multi-currency Accounts. Because we enforce the same accounting guardrails across currencies as we do within them, multi-currency payments reconcile automatically. Instead of relying on people to account for multi-currency payments manually, Fragment accounts for them as they’re made. If you’re an engineer and you want a ledger that thinks the way you do, check us out- fragment.dev/get-access

Most ledgers force you to learn a whole new accounting vocabulary before you can use them. Concepts like credits and debits suck because, unlike numbers, they’re hard to reason about. And because they don’t explain why money moved, they’re too imprecise to be reliable. A ledger for engineers abstracts away credits and debits with Account Types. With account types you get the flexibility to express money in a familiar way (as numbers) and the guarantee that those numbers are financially correct. If you're an engineer and you want a ledger that thinks the way you do, check us out- fragment.dev/get-access

Fintech observability is real-time accounting. To know if you’re processing payments correctly you need to: 1. Calculate the money you should have from internal product data 2. Calculate the money you actually have from external bank data 3. Continuously compare the two Accountants use ledgers to do this manually and call the process reconciliation. @LedgerAPI lets engineers do the same job using code.

The trouble with writing code to track money is you never see the money. And by the time you find out you wrote it wrong, it’s too late. Enter Scenarios, a visual programming interface that shows you the money. With Scenarios, you can simulate your money tracking code before you deploy it. This lets you surface edge cases faster and catch bugs before they cause problems. Check out a demo to see for yourself. fragment.dev/get-access

We're super grateful to be on team @AvidVc and can't wait to see who they back with their new fund. x.com/addielerner/st…

Announcing @AvidVC's $87M Fund II! I am so proud of our special team & the portfolio of inspiring founders we have built and incredibly grateful for the support of our LPs, co-investors, & advisors. Thank you for believing in & betting on us! fortune.com/2024/09/19/avi…

@liusiyu0224 ok- should be good now

@neckelthomas i dont think i can DM u, can u check ur settings?

Fintech has a ledger problem. We raised $9 million from @stripe , @BoxGroup and angels like @zachperret , @cjc ,@gokulr , @jaltma, @Emiliechoi__ and @thefintechfund to solve it. techcrunch.com/2024/07/22/dig…

@liusiyu0224 happy to give you a demo and set up a workspace if you wanna dm me your email

@neckelthomas got it😅 thank you! you put SIWG first so i thought thats the workflow

@liusiyu0224 Hi Siyu- you need a workspace to sign-in and to get a workspace you need to request one by pressing the 'get demo' button

@neckelthomas fyi sign in w Google doesnt work