Casap, a startup whose AI software handles card disputes and chargebacks for banks and card issuers, raised a $56M Series B led by Base10 Partners, with Synchrony and Experian joining as strategic investors. Casap targets first-party fraud, where cardholders dispute charges they really made, which Fortune reports now makes up close to a third of all fraudulent transactions. CEO Shanthi Shanmugam said many banks automatically rule for the cardholder on small disputes, usually under about $30, because an investigation costs more than the charge itself. Casap, which has raised $90M since launching in 2023, plans to branch into other back-office jobs like handling customer complaints and collections.
