Casap, a New York startup that sells AI agents for card disputes and first-party fraud, said on Wednesday that it raised $56 million in a Series B round led by Base10 Partners. Experian and Synchrony joined as strategic investors, and earlier backers Emergence Capital and Lightspeed Venture Partners returned.
The company puts its total funding at $90 million. It declined to disclose a valuation, Fortune reported.
A 90-day problem, and a claim about fixing it
Casap says its customers have cut dispute resolution times from as long as 90 days to 8. The older figure is not arbitrary. It matches the outer limit the Consumer Financial Protection Bureau cites for certain debit disputes under Regulation E, including those involving new accounts, foreign transactions or point-of-sale debit.
The new capital will go toward the company's AI agent platform and an expansion beyond disputes and fraud into collections, claims and what it calls complex exceptions across financial services. Emergence Capital said in its own post that Synchrony is extending Casap's agents to more of the bank.
"We started with disputes because it was one of the hardest problems in financial services," said Shanthi Shanmugam, Casap's co-founder and chief executive.
Adeyemi Ajao, managing partner at Base10 Partners, said, "Agentic AI technology can change that tradeoff." Kelly Shaw, senior vice president and head of Synchrony Ventures, said, "Casap's agentic AI helps resolve disputes faster and more accurately while stopping first-party fraud."
The numbers, with caveats
Every metric below comes from the company's funding announcement and has not been independently verified.
- Up to a 51% reduction in first-party fraud losses
- A 96% chargeback win rate, against what Casap described as a 60% industry average
- 73% of disputes resolved through automation with human oversight
- Human processing time cut from 45 minutes to 1-2 minutes
- More than 100 banks, credit unions, fintechs and processors served
Casap also said revenue has grown tenfold since its Series A in August 2025.
The 60% baseline deserves some care. It is not directly comparable to public benchmarks. Mastercard's 2025 chargebacks report put average merchant representment win rates at roughly 50% to 54%, but that measures a different side of the transaction than the issuer-side recoveries Casap is describing.
How the product works
According to its website, Casap's agents investigate, decide and act across a bank's existing systems, apply institution-specific rules and keep a full audit trail. Humans handle judgment calls. Customers can run the system in a "Copilot" or "Autopilot" mode, and the platform spans dispute intake, investigation, decisioning, evidence collection, chargeback filing and recovery, and consumer communications.
The site lists Synchrony, MoneyLion, Unit, Suncoast Credit Union and Imprint among its customers. In a February 2026 case study that Casap published, Chartway Credit Union reported resolution times falling from up to 90 days to 12, a 95% chargeback win rate and $875,000 in annual savings. That is a vendor case study, not an independent audit.
Casap also lists a public Disputes API and a "Casap Disputes App" in Q2's developer catalog.
Founders and funding history
Shanmugam previously held product leadership roles at Robinhood and worked as a product manager at Meta. Co-founder Saisi Peter came from product at Chime. The company was founded in 2023.
It announced an $8.5 million seed round in October 2024, followed by a $25 million Series A led by Emergence Capital in August 2025. Total funding stood at $33.5 million at that point.
A crowded field
In issuer-side dispute automation, Casap competes with Quavo, whose QFD product includes an AI assistant called Aria and which announced a partnership with Apple Federal Credit Union in February 2026. Lean Industries also sells dispute automation through its AdjustmentHub product. Visa and Mastercard, for their part, run their own dispute platforms and pre-dispute programs, including Verifi and Ethoca.
