Ex-Facebook Product Managers Raise $25M For Their Fraud Prevention Platform
Casap has raised $25 million in new funding to help banks tackle credit and debit card disputes. The new capital brings its total funding to $33.5 million, according to a press release. The funding round was led by Emergence with participation from Lightspeed, Primary Ventures, SoFi, and others.
The startup aims to change the way financial institutions handle disputes and reduce fraud cases. Its intelligent automation accelerates resolutions, cuts fraud by more than half, and eliminates friction for consumers.
This capital will allow the company to expand its first-party fraud scoring engine, invest further in AI-powered decisioning, and continue building the intelligence layer for post-transaction risk.
Casap fighting fraud
First-party fraud now accounts for 30–50% of all fraud losses and is a $100 billion problem, according to a LexisNexis report. Casap gives institutions the tools to catch fraud early and resolve disputes fast. Their AI agents analyze evidence, predict outcomes, and automate the entire lifecycle, from intake to chargeback filing.
Its proprietary fraud score flags suspicious behavior before a refund goes out the door. “In the past year, we’ve seen what happens when you bring intelligence and automation to the most neglected part of the payment lifecycle,” Co-founder and CEO Shanthi Shanmugam said.
About Casap’s founders
Shanmugam worked for nearly six years as a product manager at Robinhood, according to Forbes. In January 2021, she led Robinhood’s launch of 24/7 phone support and left the company in 2022.
She reconnected with her former Meta colleague Saisi Peter in June 2022, who was then a product manager at digital bank Chime. Peter was working on the company’s internal tools for managing customer support and disputes. Eventually, they came together in late December 2022 and left their jobs in February 2023 to create Casap.
Image: Lightspeed
