Casap raises $56 million Series B for dispute agents
Casap raised $56 million in a Series B led by Base10 Partners, funding AI agents for payments fraud and card disputes. The wire leaves valuation unnamed.
Casap, whose artificial intelligence (AI) agents work on payments fraud and disputes, raised $56 million in a Series B led by Base10 Partners, the company said on October 28, 2026. Having tracked issuer dispute desks since alerts became a budget line, I read the round as payment for the judgment after a cardholder opens a case, rather than for another alert. Experian and Synchrony joined as strategic investors, Emergence Capital and Lightspeed Venture Partners continued, and the release puts total funding at $90 million after a $25 million Series A. If that Series A sits inside the $90 million total, the two named rounds cover $81 million and leave $9 million unnamed.
Network rules moved in the same week
Two Visa documents from the same month describe different evidence footprints for a card-absent fraud claim. The October 2026 merchant dispute guide ties Compelling Evidence 3.0 to earlier activity with the same business, using two prior transactions more than 120 days old and within 365 days. The Interlink operating regulations, edition dated October 24, 2026, allow two earlier transactions, more than 120 days old, on the same card or a related credential at one or more merchants, where the issuer had not reported them as fraud. Casap's wire is dated four days later, and its agents sit with the institution that receives the claim.
Where the capital goes
Base10 Partners led the round, and the about section of the same release also lists Primary among Casap's backers without assigning that firm a share of this financing. Chief executive and co-founder Shanthi Shanmugam, formerly of Robinhood, built Casap with co-founder Saisi Peters, formerly of Chime. Their agents investigate and act on systems the institution already runs, under its own policies, and a person steps in when judgment is required. The capital is meant to carry that pattern from disputes into collections, claims and complex exceptions, and the release leaves the valuation unstated.
Figures Casap is quoting
Across more than 100 banks, credit unions, fintechs and processors, Casap reports a cut of up to 51% in first-party fraud losses, a 96% chargeback win rate against a 60% average the company itself supplies, and resolution cut from as long as 90 days to eight days. The company says revenue grew tenfold, more than double its original target. That 96% sits on the institution's book, a different scoreboard from a merchant representment rate, and the homepage repeats the $56 million banner.
"We started with disputes because it was one of the hardest problems in financial services," said Shanthi Shanmugam, chief executive and co-founder of Casap.
She also said the firm is "cutting fraud losses in half while resolving disputes in days instead of months." Adeyemi Ajao, managing partner at Base10 Partners, said that "The same technology lowers the cost of complex work, while improving speed, quality, and consistency." Kelly Shaw, senior vice president at Synchrony Ventures, called a disputed charge "an important moment to get right."
Merchants count the other side
Merchant surveys and issuer tooling are counting the same cardholder behavior from opposite sides of the claim. The Merchant Risk Council's 2026 Global eCommerce Payments and Fraud Report finds that 64% of merchants report rising first-party misuse, while the average cost they assign to one such dispute reached $82. The share of fraudulent disputes those merchants attribute to first-party misuse is 17% in that report, compared with 20% in 2024 and 2025. The release invites Experian into that sorting problem through an exploration of first-party fraud and consumer-intent signals.
Budgets that already exist
Visa's post-purchase tools already push order detail through Verifi so a cardholder can see a purchase before a dispute is filed, and Compelling Evidence 3.0 is the structured reply when a card-absent fraud claim still proceeds. Skyfire's wider Forter checks on AI-agent checkout try to stop a bad payment before authorization, which is a different desk from the casework Casap sells after the claim exists. CellPoint's Zenith layer sits above payment orchestration and chooses a route rather than closing a file.
What the round still has to prove
The path from this $56 million round runs through Experian and Synchrony rather than through another speed demonstration. If their work produces a first-party loss rate an auditor can re-perform, the Series B bought issuer-side data that merchant representment vendors sit outside. If the tie-up stays exploratory, the capital funded a faster queue whose 96% win rate remains a company exhibit. Collections and claims, named next in the wire, raise the question Project SAGE has already put to banks in Hong Kong, to name who owns an agent before it acts, while Baselayer's Know Your Agent work covers a neighboring identity check.
This report is for general information only and does not constitute financial, investment, legal or tax advice.
Reporting by Rick Steves. Filed 8 November 2026, 03:40 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
