Casap Raises $56 Million to Put AI Agents on Payment Disputes for More Than 100 Banks

Casap, a US startup whose AI agents automate payment disputes and anti-fraud operations for financial institutions, has closed a $56 million Series B led by Base10 Partners, bringing total funding to $90 million just over a year after its $25 million Series A. New backers include Experian and Synchrony, with Emergence Capital and Lightspeed Venture Partners returning from the previous round.

Founded in 2023 by CEO Shanthi Shanmugam and Saisi Peter, Casap builds agents that handle the full payments dispute lifecycle: decisioning, evidence collection, intake, investigation, recovery, and customer communication. The target workload is chargebacks and first-party fraud, a back-office function that is notoriously manual, documentation-heavy, and bound by tight regulatory deadlines.

The company reports tenfold revenue growth since the Series A and says more than 100 banks, credit unions, fintechs and payment processors now use its platform. Those traction figures are company-reported and have not been independently audited, but the investor list itself is a signal: Experian and Synchrony are not passive names in payments infrastructure.

The raise fits a broader pattern in applied AI funding. The money is flowing less toward flashy consumer products and more toward unglamorous, high-volume enterprise workflows where automation pays back in months. Disputes qualify on every count: banks face rising digital-payment fraud, shifting liability rules, and dispute volumes that scale with transaction counts their human teams do not.

"We started with disputes because it was one of the hardest problems in financial services," Shanmugam said. "But our ambition was always bigger than disputes. We wanted to prove that AI could do more than make work more efficient." Casap says it will use the capital to extend the platform toward fraud, claims, collections, and complex exceptions, and is hiring additional AI engineers.

What makes Casap worth watching is not the round size but the mandate. Letting AI agents make or prepare dispute decisions inside regulated banks is an early test of how much operational authority the financial industry will delegate to software. If incumbents like Experian and Synchrony are buying into the workflow rather than building it, the agentic back office is arriving faster than bank technology procurement usually moves.