Analysis
Casap, an AI-powered platform that helps banks and card issuers manage first-party fraud disputes and chargebacks, has raised $56 million in a Series B led by Base10 Partners, bringing its total funding to $90 million, Fortune reported Oct. 28, 2026. Synchrony and Experian joined as new strategic investors, while existing backers Lightspeed Venture Partners, Emergence Capital and Primary also participated. Casap declined to disclose a valuation.
What Casap does
Casap was founded in San Francisco in 2023 by chief executive Shanthi Shanmugam, a former product leader at Robinhood, Meta and Salesforce, and co-founder Saisi Peter, a veteran of Chime. Its software automates the dispute and chargeback lifecycle for banks, credit unions and fintechs, with a near-term plan to expand from first-party fraud claims into customer complaints and collections.
“## Casap's funding history - 2023 -- seed, $8.5 million, led by Lightspeed Venture Partners.”
Casap says its tools have cut first-party fraud losses by as much as 51% for customers and lifted chargeback win rates to 96%, against a roughly 60% industry average; it claims average dispute resolution in eight days versus up to 90 days under traditional manual review, with human review often taking one to two minutes per case.
Casap's funding history
- 2023 -- seed, $8.5 million, led by Lightspeed Venture Partners.
- August 2025 -- Series A, $25 million, led by Emergence Capital, with Lightspeed, Primary Venture Partners and SoFi participating.
- October 2026 -- Series B, $56 million, led by Base10 Partners, with Synchrony and Experian joining as new strategic investors.
That sequence puts Casap's total disclosed funding at roughly $90 million in just over two years, with each round larger than the last.
Who invested in Casap
Base10 Partners led the Series B. Synchrony, the consumer-finance company, and Experian, the credit bureau, joined as strategic investors -- giving Casap direct relationships with two companies that sit on opposite sides of the dispute process it automates. Existing investors Lightspeed Venture Partners, Emergence Capital and Primary also returned for the round, continuing their support from Casap's seed and Series A.
The fraud-dispute market and what competes with it
Card disputes are a volume problem before they are an AI problem: Pulse 2.0 reported that hundreds of millions of chargebacks emerge annually in the US alone, and Fortune's reporting on this round notes that cardholders now account for nearly a third of fraudulent transactions, a share the outlet ties partly to AI tools that make filing disputes easier.
Consumer-protection rules place a heavy burden on banks to disprove dishonest claims, and many institutions simply concede disputes under roughly $30 rather than pay for a review -- the specific inefficiency Casap is selling against. No direct competitor was named in Casap's own announcement, underscoring how new the dedicated AI-disputes category still is relative to the broader fraud-detection software market it sits inside, a category Pulse has tracked across this year's run of funding rounds.
What to watch
Casap's next test is whether its claimed win-rate and resolution-time gains generalize beyond the early bank and credit-union customers, such as Chartway FCU and MidSouth Community FCU, that its marketing already cites. A validated 96% win rate at scale would be a genuine differentiator in a category still dominated by manual review; an unverified one is just a sales claim.
The risk for Base10 and the strategic investors is timing: Casap's numbers are company-reported and not yet independently audited, and a startup automating fraud decisions is itself a target for the same AI-enabled fraud tactics it says are driving banks to adopt its software in the first place.