Casap, a New York company that builds AI agents for banks and card issuers, has raised a $56m Series B led by Base10 Partners. It announced the round on 28 October 2026.
Experian and Synchrony joined as strategic investors, and existing backers including Emergence Capital and Lightspeed Venture Partners also took part. The company described the round as oversubscribed. It brings Casap's total funding to $90m.
The round comes just over a year after a $25m Series A. Casap says its revenue has grown tenfold since then, more than double the target it had set. Fortune reported that the company declined to disclose its valuation.
“If all we get from the agentic era is the same outcomes happening faster, we've missed a huge opportunity. Our mission is to make outcomes that once seemed impossible the new standard for financial services,”Shanthi Shanmugam, CEO and Co-Founder, Casap
What Casap does
Casap started with card disputes and chargebacks, the process by which a cardholder contests a transaction and a bank decides whether to refund it. Its AI agents handle intake, investigation, decisions, evidence collection, recovery and messages to the customer. They follow each institution's own policies, work inside its existing systems and pass decisions to staff when human judgment is needed. Every decision comes with a record of the evidence and actions taken.
The company says it works with more than 100 banks, credit unions, fintechs and payment processors. Across those customers it reports up to 51% lower losses from first-party fraud, a 96% chargeback win rate against an industry average of 60%, and resolution times cut from as long as 90 days to eight days. It says 73% of dispute cases are resolved by its agents with human oversight. These figures are the company's own.
Fortune reported that Casap launched in 2023 and is run by chief executive and co-founder Shanthi Shanmugam.
The rise of first-party fraud
First-party fraud is when cardholders themselves falsely dispute a charge. Fortune reported that cardholders now account for nearly a third of fraudulent transactions, helped by AI tools that make disputes easier to file and by social media groups that share tips.
Shanmugam told Fortune that the rules governing disputes almost assume no one lies. As a result, many institutions automatically refund small disputes rather than pay to investigate them, a threshold that Fortune said is typically around $30.
Experian plans to work with Casap on new signals that separate genuine fraud from misuse by the cardholder, combining Casap's transaction data with Experian's identity and risk expertise.
What the money is for
Casap will use the funding to develop its platform and take its agents beyond disputes into other high-stakes work at financial institutions, including fraud, collections, claims and complex exceptions. The company also uses forward-deployed teams that work inside customers to redesign operations and put agents into production.
Adeyemi Ajao, managing partner at Base10, said in the announcement that Casap had shown agentic AI can lower the cost of complex work while improving speed and quality.
Company website: casap.ai