Casap gets $56 million Series B from Base10 to automate card chargebacks

Casap, a US financial-technology start-up that builds artificial intelligence "agents" to handle card disputes and fraud for banks, has raised $56 million in a Series B funding round led by the venture firm Base10 Partners, the company announced on 28 October 2026. The credit bureau Experian and the consumer finance company Synchrony joined as strategic investors, alongside existing backers Emergence Capital and Lightspeed Venture Partners. The round takes Casap's total funding to $90 million. Founded in 2023 by chief executive Shanthi Shanmugam and Saisi Peter, the company says it now serves more than 100 banks, credit unions, fintechs and payment processors and that its revenue has grown tenfold since its previous round. It did not disclose a valuation.

When a cardholder tells their bank that a charge on their statement is wrong, the bank opens a dispute. If the claim is upheld, the money is pulled back from the merchant in what is called a chargeback. Each dispute needs someone to collect evidence, check the transaction history, talk to the customer and the merchant and make a decision. For large card issuers that adds up to a lot of manual work.

A growing part of that workload is "first-party fraud", where cardholders dispute purchases they actually made, sometimes called "friendly fraud". Fortune reported that it now makes up close to a third of all fraudulent transactions. That hurts merchants, who lose both the goods and the money, and banks, which bear the cost of investigating.

Casap's software uses AI agents, programs that can carry out a series of tasks with limited human supervision, to handle the stages of a dispute: making decisions, gathering evidence, investigating, recovering funds and communicating with the customer. The aim is to resolve disputes faster and to spot claims that look like first-party fraud.

The investors are telling. Experian, the credit bureau, said it is exploring new fraud and consumer-intent signals that combine Casap's transaction-behaviour data with its own identity and risk expertise. Synchrony, a consumer financing company, backed the round to speed up how it resolves disputes. Having customers and data partners invest suggests they see the product as useful in their own operations, though the company's growth figures are its own account.

For founders and investors watching from India, Casap is an example of how AI agents are being sold to financial institutions: not as chatbots, but as tools that take over specific back-office processes.

Peepals calculation: The $56 million Series B is about 62% of Casap's $90 million total funding (56 ÷ 90 ≈ 0.62), which means the company raised about $34 million before this round (90 − 56 = 34). The new round is roughly 1.6 times everything it had raised earlier (56 ÷ 34 ≈ 1.6). Our calculation from the reported figures.

Short-term: Casap will use the money to grow its team and extend its AI agents to more banks and card issuers.

Long-term: If AI agents prove reliable at handling disputes, banks may automate more of their back-office work, from collections to insurance-style claims, which Casap says it plans to address next.

Who is affected: Banks, credit unions and card issuers; merchants hit by false chargebacks; cardholders who raise genuine disputes; and staff who handle dispute cases today.

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