Casap has raised 56 million dollars in a Series B round led by Base10 Partners, taking its total funding to 90 million dollars just over a year after a 25 million dollar Series A. The company says its AI agents already work with more than 100 banks, credit unions, fintechs and processors, and it will use the new money to expand from card disputes into fraud, collections, claims and complex exceptions.
A round with strategic backers
The round was oversubscribed, with strategic participation from Experian and Synchrony alongside continued support from existing investors Emergence Capital, Lightspeed Venture Partners and Primary. Valuation was not disclosed, so no figure should be inferred from the round size or the investor list.
Casap was founded by Shanthi Shanmugam, formerly of Robinhood, Meta and Salesforce, and Saisi Peters, formerly of Chime. The company says revenue has grown tenfold since the Series A, more than double its original target, though that figure is a company claim and has not been independently verified.
The strategic investors matter beyond their cheques. Experian brings identity and risk expertise, and the companies see an opportunity to distinguish genuine fraud from first-party misuse, especially as agentic commerce increases. Synchrony, a consumer financing company serving over 100 million Americans, points to dispute handling as a moment of trust with customers.
Agents that act, not just answer
Casap’s platform deploys specialised AI agents that investigate, make decisions and take action across the systems financial institutions already use. The agents apply the institution’s own policies and procedures, work across existing systems, and bring people in when a decision needs human judgment, with every decision supported by evidence and a clear record.
The company started with disputes because, in its chief executive’s words, it was one of the hardest problems in financial services. Dispute agents manage work across the lifecycle, from intake and investigation through decisioning, evidence collection, recovery and consumer communication, within institution-specific rules and controls.
Casap’s claimed results, attributed to the company and not independently verified, are striking: up to a 51 percent reduction in first-party fraud losses, a 96 percent chargeback win rate against a 60 percent industry average, resolution time cut from as long as 90 days to 8 days, and 73 percent of dispute cases handled through agentic automation with human oversight.
Human processing time, the company says, has fallen from 45 minutes to 1 or 2 minutes per case. Those figures describe outcomes across its customers rather than a controlled trial, and they should be read as the company’s account of its impact, not as audited results, but they explain why institutions facing manual dispute backlogs are buying in.
Why It Matters
Casap’s expansion marks a shift in agentic AI from answering questions to settling money. A dispute agent does not draft a reply for a human; it investigates, decides and acts across fragmented systems, with escalation where judgment is needed. That is a higher-stakes use than summarising documents, and it tests whether audit trails can carry the weight of decisions.
The funding also fits a pattern of agents doing enterprise work at scale, including procurement agents raising similar rounds, as covered in our Fragment funding report. The difference here is the regulated setting: banks cannot treat an agent’s mistake as a draft error, because the output moves money and affects customers.
First-party fraud, where cardholders themselves dispute legitimate charges, is the backdrop. Figures cited by the company suggest cardholders now account for nearly a third of fraudulent transactions, driven partly by AI tools making disputes easier. Many institutions settle small disputes in the customer’s favour rather than investigate, which is exactly the cost the company’s agents are sold to reduce.
Background
AI funding in security and infrastructure has run much larger this month, including a 400 million dollar round for cloud AI security, as covered in our Upwind funding report. Casap’s smaller round stands out for a different reason: its agents are already handling live financial decisions at more than 100 institutions.
Source: Casap announcement
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