Casap, an AI startup that helps banks and card companies handle disputes and chargebacks, has raised a $56 million Series B round led by Base10 Partners. The round brings its total funding to $90 million since its 2023 launch. Synchrony and Experian joined as strategic investors. Lightspeed Venture Partners, Emergence, and Primary are also backers. Cardholders themselves now account for nearly a third of fraudulent transactions, as AI tools and social media tips make false disputes easier. Casap says customers cut first party fraud losses by up to 51% and raised chargeback win rates to 96%, against a 60% industry average. Disputes take eight days on average to resolve, it says, compared with up to 90 days traditionally. Casap will use the money to expand into complaints handling and collections.

Casap raises $56M Series B to deliver agentic outcomes for financial services. 10/28/2026 Shanthi Shanmugam Casap, the AI agent platform for financial services, today announced a $56 million Series B funding round led by Base10 Partners, with strategic participation from Experian and Synchrony. The oversubscribed round, which also includes continued support from existing investors such as Emergence Capital and Lightspeed Venture Partners, brings Casap's total funding to $90 million and comes just over a year after its $25 million Series A. During that time, Casap has grown revenue 10X, more than double its original target. Driven by customer demand, Casap has now expanded beyond fraud and disputes to automate other high-stakes operations across financial services. Casap will use the funding to advance its AI platform and help financial institutions achieve outcomes that were previously too expensive, complex, or time-consuming to deliver at scale. Beyond efficiency: a new standard of outcomes for financial services For decades, the quality of service a financial institution could deliver was constrained by resources, cost, and scale. Resolving a disputed transaction, investigating suspected fraud, or helping a consumer facing financial hardship requires specialized expertise, judgment, and the ability to act across fragmented systems. Historically, only the largest institutions could attempt that capability at scale. Agentic AI changes what's possible. Casap's platform deploys specialized AI agents that investigate, make decisions, and take action across the systems financial institutions already use. The agents apply the institution's own policies and procedures, work across existing systems, and bring people in when a decision needs human judgement. Every decision is supported by evidence and a clear record of the actions taken, making outcomes explainable and auditable. Casap combines this technology with deep financial services expertise and forward-deployed teams that work directly alongside institutions to redesign complex operations and bring agents into production. "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." "If all we get from the agentic era is the same outcomes happening faster, we've missed a huge opportunity. Our mission is to make outcomes that once seemed impossible the new standard for financial services," added Shanmugam. Proven impact and strategic expansion Today, Casap's dispute agents manage work across the lifecycle, from intake and investigation through decisioning, evidence collection, recovery and consumer communication. They operate within institution-specific rules and controls while escalating the decisions that require human judgment. The results show what's possible when agents are designed to improve outcomes, not simply automate the workflow. Casap works with more than 100 banks, credit unions, fintechs, and processors. Across those customers, Casap has enabled: * Up to 51% reduction in first-party fraud losses * 96% chargeback win rate, compared with a 60% industry average * Reduced resolution time from as long as 90 days to 8 days * Resolved 73% of dispute cases through agentic automation while retaining human oversight * Reduced human processing time from 45 minutes to 1-2 minutes "We've been told for years that financial institutions will have to make a tradeoff between operational economics and experience quality," said Adeyemi Ajao, Managing Partner at Base10 Partners. "Casap has shown that agentic AI technology can change that tradeoff. The same technology lowers the cost of complex work, while improving speed, quality, and consistency. Disputes proved that model in one of the hardest environments in financial services, and we believe the opportunity now is much larger." Expanding across the financial services ecosystem Casap is now bringing its platform to a broader set of high-stakes financial operations, including fraud, collections, claims, and complex exceptions. These are areas where fragmented systems and manual investigations lead to financial loss, delays, and poor consumer experiences. Casap's ambition is to transform what outcomes are possible when an AI agent can reason, act, and coordinate across systems end-to-end. "What sets Casap apart is that they build trust by listening first," said Lotti Siniscalco, General Partner at Emergence Capital, an early Casap investor. "They spend time with the people on the ground, the employees buried in manual dispute work, before writing a line of code, and that shows in the product. Casap doesn't ask staff to become technologists; it meets them where they are. That's a big part of the reason financial institutions are asking Casap to take on so much more than disputes." Casap's Series B also includes strategic backing from two key partners: * Experian: Exploring a new generation of first-party fraud and consumer-intent signals. By bringing together Casap's insights into transaction behavior and fraud with Experian's expertise in identity and risk, the companies see an opportunity to help the industry distinguish genuine fraud from first-party misuse, especially as agentic commerce increases. * Synchrony: A leading consumer financing company leveraging innovative solutions shaping the future of retail commerce, Synchrony supports growth and success of some of the nation's most respected brands, alongside hundreds of thousands of small and midsize businesses, including health and wellness providers. The investment supports their commitment to customer service and agentic transformation. "As a company serving over 100 million Americans alongside some of the nation's most respected brands, small businesses, and health and wellness providers, trust is paramount. When a customer disputes a charge, it's an important moment to get right," said Kelly Shaw, SVP, Synchrony Ventures. "Casap's agentic AI helps resolve disputes faster and more accurately while stopping first-party fraud, along with service teams' oversight. Our investment in Casap builds on Synchrony's belief in the power of Agentic AI to transform operations and strengthen the customer experience."

Earnings Scorecard: Financials log 80% EPS beat rate vs. revenue this week. Financial stocks outperformed the broader market this week as investors assessed third-quarter earnings across banks, insurers, consumer finance providers, and capital-markets firms. The Financial Select Sector SPDR Fund (XLF) gained 2.35% over the week, while the S&P 500 (SP500) fell 0.45%. However, the sector continued to lag the broader market year to date, as XLF has gained 3.33%, compared with an 11.95% advance for the S&P 500. Earnings Roundup Bottom Line (EPS): Out of the 15 financial companies reported earnings this week, 12 beat earnings estimates, two missed, and one reported in line with expectations, translating to an ~80% beat rate. Top Line (Revenue): Eight companies beat revenue estimates, while seven fell short, resulting in a ~53.3% beat rate. Below are some of the key companies that reported earnings this week: Blackstone (BX) reported EPS of $1.32, beating estimates by $0.06, while revenue fell 1% Y/Y to $3.06B, missing by $150M. AUM reached $1.37T, and management expected double-digit base management fee growth in 2027. American Express (AXP) posted non-GAAP EPS of $4.68, beating estimates by $0.19, while revenue rose 8.8% Y/Y to $20.06B, missing by $60M. The company raised its 2026 GAAP EPS guidance to $18.30-$18.60 and plans to cut global headcount by 5% to control costs. Synchrony Financial (SYF) delivered non-GAAP EPS of $2.68 and revenue of $3.82B, beating estimates on both measures; however, revenue remained flat on a Y/Y basis. Purchase volume rose 8% to $49.7B, and full-year EPS guidance tightened to approximately $9.50. Capital One Financial (COF) reported non-GAAP EPS of $6.69, beating estimates by $1.19, while revenue rose 6.1% Y/Y, beating by $60M. The company generated $1.8B in annualized Discover integration synergies year-to-date and expects Discover card loan growth to turn positive after several more quarters of contraction. Chubb (CB) posted EPS of $7.66, topping estimates by $0.86, while net premiums earned rose 3.9% Y/Y to $14.92B, exceeding expectations by $1.41B. The company also reported a record core operating income of $2.98B, supported by strong underwriting and investment results. CME Group (CME) delivered EPS of $3.02, beating estimates by $0.03, while revenue rose 13% Y/Y to a record $1.74B. Adjusted net income increased 12.1% to $1.08B, supported by record trading activity. Management said fourth-quarter trading volume was running 17% above the prior-year period, putting the company on track for another record year. Nasdaq (NDAQ) delivered EPS of $1.04, topping estimates, while revenue reached $1.48B, above expectations by $20M, giving the exchange operator a double beat. The company raised its 2026 non-GAAP operating expense guidance to $2.55B-$2.58B, reflecting expected acquisition costs and strong revenue performance. Other financial companies reported results included KeyCorp (KEY), MSCI (MSCI), and Northern Trust (NTRS), which beat both EPS and revenue estimates. Fifth Third (FITB) and W. R. Berkley (WRB) beat EPS estimates but missed on revenue, while Moody's (MCO) and Globe Life (GL) missed both measures. Huntington Bancshares (HBAN) met EPS estimates but fell short on revenue. Overall, financials delivered mixed third-quarter results, with stronger EPS performance than revenue. Investors will watch loan growth, capital levels, and 2026 guidance for further direction. Earnings next week Several financial companies are scheduled to report earnings next week, including Visa (V), Robinhood Markets (HOOD), S&P Global (SPGI), Mastercard (MA), and T. Rowe Price (TROW). Fresh Stock Ideas, Every Day Explore diverse investing perspectives with daily analysis from experts across the market. More on state street(r) Financial Select Sector SPDR(R) ETF.