Casap, a startup building artificial intelligence tools to handle card disputes and chargebacks, raised $56 million, according to Fortune, after previously securing $33.5 million in funding. The company is betting on the growth of first-party fraud, in which customers falsely claim they did not receive a purchase or product, a problem estimated to cost the financial sector $100 billion annually. Founded in 2023 by former Robinhood executive Shanthi Shanmugam and ex-Chime executive Saisi Peter, Casap sells banks and credit unions an agentic AI platform that can automate up to 80% of payment dispute cases. At Chartway Federal Credit Union, resolution times reportedly fell from three months to 12 days, while per-claim costs dropped by about 90% and chargeback win rates increased by 95%.
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