Casap raises $56M Series B led by Base10 Partners for agentic AI in financial services

Casap has raised a $56 million Series B led by Base10 Partners, with strategic participation from Experian and Synchrony. Existing investors Emergence Capital and Lightspeed Venture Partners also joined the oversubscribed round, which brings total funding to $90 million just over a year after a $25 million Series A. No valuation was disclosed.

The New York company, launched in 2023 by Shanthi Shanmugam, formerly of Robinhood, and Saisi Peters, formerly of Chime, sells AI agents that investigate and resolve payment disputes and first-party fraud across a bank's existing systems, with people brought in for judgment calls. It is now extending the agents to collections, claims and complex exceptions.

Casap says revenue grew 10X in a year and that more than 100 financial brands use it. Company-reported results include up to 51% lower first-party fraud losses and a 96% chargeback win rate against a 60% industry average.