Financial technology startup Casap has raised $56 million in Series B funding to expand its AI agents beyond payment disputes into a broader range of banking operations.
The round was led by Base10 Partners, with strategic participation from Experian and Synchrony. Existing investors including Emergence Capital and Lightspeed Venture Partners also participated.
The financing brings Casap's total funding to $90 million, following a $25 million Series A announced in 2025.
The company says revenue has increased tenfold over the past year, although it has not disclosed absolute revenue or its latest valuation.
Why Payment Disputes Are Difficult to Automate
Cardholders dispute transactions for several reasons.
A purchase may be unauthorized, an item may never arrive, or a merchant may charge an incorrect amount.
Financial institutions must determine what happened, gather relevant evidence and follow payment network rules and consumer protection requirements.
The process can involve customer service systems, transaction records, merchant information, fraud models and external payment networks.
Much of that information exists in separate systems.
Investigating a disputed transaction can therefore require multiple employees to review documents, contact customers and prepare chargeback submissions.
Casap was founded to automate those processes.
Its software uses AI agents to analyze a dispute, collect information from existing systems, identify relevant rules and prepare the next steps.
When a case requires judgment, the platform can refer it to a human reviewer.
How Casap's AI Agents Work
The company combines language models with specialized software designed for financial services operations.
Its agents are intended to follow an institution's internal procedures while maintaining records of the evidence supporting each action.
That distinction matters because banking automation cannot be assessed solely on whether a task is completed.
A dispute decision must also be explainable, auditable and consistent with applicable requirements.
Casap says its agents investigate cases, gather supporting information, identify potentially suspicious claims and initiate operational actions.
The platform also incorporates forward-deployed teams that work directly with banks and fintech companies to adapt workflows to their systems.
This approach allows Casap to address processes that involve multiple applications rather than simply provide a standalone chatbot.
The Challenge of First-Party Fraud
One problem attracting attention is first-party fraud.
This occurs when a legitimate account holder makes a misleading claim about a transaction, such as denying a purchase they actually authorized.
It differs from third-party fraud, where an unauthorized actor uses another person's financial information.
First-party fraud can be difficult to investigate because the customer's account credentials and transaction activity may appear legitimate.
According to reporting by Fortune, Casap customers have reduced first-party fraud losses by as much as 51%.
The company also reports chargeback win rates reaching 96%, compared with an industry benchmark of approximately 60%.
These results are company-reported and should not be treated as guaranteed outcomes across all financial institutions.
Casap additionally claims it can reduce average dispute resolution times to approximately eight days, compared with processes that may take considerably longer.
Who Founded Casap?
Casap was founded by Shanthi Shanmugam and Saisi Peter.
Shanmugam, the company's CEO, previously held product management roles at Robinhood and Meta.
Peter worked on financial technology and operational systems, including at Chime.
Their experience exposed them to the complexity of customer support and transaction disputes.
The founders identified an opportunity to use AI to reduce repetitive investigation work while maintaining the evidence and controls required by financial institutions.
Why Experian and Synchrony Invested
The strategic investors bring different perspectives on financial services infrastructure.
Experian operates credit information, analytics and fraud-related services, while Synchrony is a major consumer finance provider.
Their participation indicates interest from established financial institutions in automation that can operate within regulated environments.
However, the investment announcement does not establish the commercial value or exclusivity of any partnership.
Casap says it will use the financing to expand into additional operational areas, including complaints and collections.
Those categories involve different policies, workflows and regulatory obligations from payment disputes.
Competition and the Commercial Test
Casap competes with established financial services technology providers, customer operations platforms and specialist fraud prevention vendors.
Its differentiation is the use of AI agents to complete complex workflows across multiple systems.
The main risks involve accuracy, regulatory compliance and inappropriate automation.
A mistaken decision could deny a legitimate consumer claim or fail to identify fraud.
Financial institutions must therefore maintain clear accountability, appeal procedures and human oversight.
Casap's next challenge is proving that the performance it reports in payment disputes can be reproduced in other banking operations without sacrificing compliance, accuracy or customer trust.