Casap, a New York company whose software investigates and resolves payment disputes for banks and credit unions, has raised a $56 million Series B led by Base10 Partners, with Experian (LSE: EXPN) and Synchrony (NYSE: SYF) investing as strategic partners. Existing investors Emergence Capital and Lightspeed Venture Partners also took part, Casap announced on October 28.
The Casap funding brings its total to $90 million about 15 months after a $25 million Series A, and the company said revenue has grown tenfold in that time. Casap said it will use the money to develop its platform as it takes its AI agents beyond disputes into fraud, collections, claims and other complex exceptions.
What Casap does
Casap's agents work a dispute from intake through investigation, the decision, evidence gathering, recovery and messages to the consumer, following each institution's own rules and handing the decisions that need human judgment to staff, according to the release. Casap keeps the evidence and a log of actions for every decision, so the outcome can be audited.
The company started with disputes and first-party fraud, in which customers claim that purchases they really made were unauthorized, as Emergence Capital described it when it led the Series A. Across its customers, Casap said, its agents have cut first-party fraud losses by up to 51%, won 96% of chargebacks against an industry average of 60%, and shortened resolution from as long as 90 days to eight.
Casap said it works with more than 100 banks, credit unions, fintechs and payment processors. Its CEO, Shanthi Shanmugam, previously worked at Robinhood, and her co-founder, Saisi Peter, at Chime, according to the company. Shanmugam said in the release that disputes were a deliberate first target:
We started with disputes because it was one of the hardest problems in financial services.Shanthi Shanmugam, CEO and co-founder of Casap
Why Base10 Partners, Experian and Synchrony invested
Adeyemi Ajao, managing partner at Base10 Partners, said Casap had shown that financial institutions need not trade cost against service quality, because AI agents can cut the cost of complex work while making it faster and more consistent. He said disputes proved the model in one of the hardest parts of financial services.
Experian and Casap are exploring new signals for telling genuine fraud from first-party misuse, combining Casap's view of transaction behavior with Experian's identity and risk expertise, the release said. Kelly Shaw, senior vice president of Synchrony Ventures, said Casap's agents help settle disputes faster and more accurately and stop first-party fraud, with service teams keeping oversight; she said Synchrony serves more than 100 million Americans.
Funding history
Round (announced) | Amount ($M) | Led by |
|---|---|---|
Pre-seed and seed (Oct 2024) | 8.5 | Lightspeed Venture Partners (seed) |
Series A (Aug 2025) | 25 | Emergence Capital |
Series B (Oct 2026) | 56 | Base10 Partners |
Source: Casap's October 2024 release and Series B release, Emergence Capital's post on the Series A, and Axios, which reported the 2024 amount as seed and pre-seed funding. Casap's Series A release put its total at $33.5 million, so the announced amounts add up to $89.5 million; Casap gives its total as $90 million.
