Casap, a New York-based provider of AI agents for financial institutions, has raised $56 million in Series B funding to expand its automation platform beyond transaction disputes and fraud investigations.
The round was led by Base10 Partners, with participation from Experian, Synchrony and existing investors including Emergence Capital and Lightspeed Venture Partners. It brings the company’s total funding to $90 million.
Casap develops specialized AI agents that investigate transactions, make decisions and execute tasks across financial institutions’ existing systems for fraud prevention, collections and other disputes.
“We started with disputes because it was one of the hardest problems in financial services,” said Shanthi Shanmugam, CEO and co-founder of Casap. “But our ambition was always bigger than disputes. We wanted to prove that AI could do more than make work more efficient. It could fundamentally change the outcomes for financial institutions. Today we’re cutting fraud losses in half while resolving disputes in days instead of months. Now our customers are asking us to bring that same transformation to the rest of their operations.”
Casap said its technology is used by more than 100 banks, credit unions, fintech companies and payment processors. The company reported that its agents resolve 73 percent of dispute cases while retaining human oversight and have reduced some dispute resolution times from 90 days to eight days.
Casap plans to expand its platform into collections, claims processing and other complex financial operations.