When we began building Casap in 2023, our mission was clear: to improve the operational experience for financial institutions and their consumers. Now, with $8.5 million in seed funding, we are scaling the first AI-powered solution for banks, credit unions and fintechs to intelligently tackle first-party fraud and automate disputes. By addressing the greatest pain points of COOs, we are helping financial institutions of all sizes improve their operations at a fraction of today’s cost.
The Problem: Outdated, Fragmented Workflows are Stalling Growth
In today’s financial landscape, traditional banking operations are failing financial institutions. Whether you are a major fintech player or a regional bank, teams are overwhelmed by bloated workflows and increasing fraud, all while consumers expect fast, frictionless service at higher support volumes than ever before.
In our years at Robinhood and Chime, we experienced these challenges firsthand while scaling operations and support for 40 million customers. Shanthi led the implementation of 24/7 phone and chat customer support to 20 million Robinhood members during a period of peak volatility, while Saisi built tools to support 1,200+ Chime agents worldwide and save the business $10M through integrations and automations.
Our distinct experiences led us to similar conclusions: There is clear value in unifying the back-office experience—for operations, investigation and support teams, customers, and the company’s bottom line. However, building a new operational system from scratch that complies with industry regulations is both costly and time-consuming.
While the behemoths are able to build out massive support teams with custom-built platforms that need to constantly be re-written for the evolving rules and trends, this isn’t an option for most players in the ecosystem who want to provide a truly differentiated customer experience.
We knew it was time to level the playing field. Enter Casap.
An AI-decisioning platform that enables teams of all sizes to work seamlessly
Named for “get your Case done ASAP,” Casap is building smarter, leaner operations to streamline and improve key moments across the bank-consumer relationship. Touchpoints like charge disputes, transfers of funds, and fraud complaints have outsized impacts on financial losses and consumer trust, so financial institutions have the most to gain from optimizing these experiences.
Based on conversations with COOs at credit unions, banks, and fintechs—and our own experiences building and scaling back-office operations—it was clear that Casap needed to enable three things with our platform:
- Real-time collaboration across operational silos and tools
- Built-in regulatory guidance and industry expertise
- Insights & tools to prevent and reduce costly fraud
The result? A first-of-its-kind AI-powered solution to intelligently tackle common customer challenges and automate the support process regardless of an institution’s tech-stack.
Where we’re starting? Payment disputes and first-party fraud.
Tackling the Growing Urgency of Disputes and Fraud
Financial institutions are under immense pressure with fraud costs and volumes remaining significantly higher than pre-pandemic levels, and more consumers disputing legitimate charges to avoid payment. This surge, combined with a growing tendency to file disputes directly with payment providers instead of merchants, has led to overwhelming volumes and significant financial losses. Institutions are forced to hire large teams, navigate complex regulations, and outsource chargebacks, yet they still struggle to meet consumer expectations. 50% of consumers will switch banks if they are not getting the service they want and expect, leading to long-term attrition and escalating costs.
Disputes in particular are the largest, greenfield cost center. They are the most operationally intensive, high in loss, complex in regulation, and frustrating for members with sub-par existing solutions. There is also significant room for improvement when we look at legacy processes currently being used to manage disputes. Many institutions are relying on outdated software, and expensive outsourced processors and services that result in many disputes taking up to 45-90 days to resolve.
How Casap is Reimagining the Dispute Process through Intelligent Automation
Casap’s platform leverages AI-decision making to enable customers to resolve legitimate dispute requests without inundating a financial institution’s support team. This makes it easier and faster for customers to resolve valid disputes, protects the institution from fraud losses to false dispute claims, and reduces operational costs for servicing disputes as a whole.
What sets Casap apart—and why our platform has already delivered value for our partner institutions—is our first-party fraud score paired with key integrations. Similar to a FICO score, we analyze data at the consumer level to assess the likelihood of them filing a false dispute claim. Using this score, along with data about the merchant in question, the platform generates a tailored set of questions to better understand the nature of the dispute and automate next steps. This entire process happens through our self-service platform, aimed at recovering more money from the merchant while ensuring a smooth and satisfying experience for the customer. No other tool offers this level of integrated AI-driven decision-making in a platform that can be easily implemented for organizations large and small.
And we’re already making a big impact for our partners
Casap is transforming operations for customers across the payments ecosystem, from major fintechs and established credit unions to Banking-as-a-Service providers and sponsor banks. And because Casap leverages AI, our platform becomes more effective at fraud detection with every customer interaction.
Here’s what one of our current customers had to say:
“Before Casap, our team lacked the tools to effectively resolve disputes or file chargebacks, leading to a negative member experience and limited ability to improve the process,” said Karin Collier, Director of Card Services at Chartway Credit Union. “With Casap’s built-in regulatory expertise and AI-powered automation, we get to drive fast, accurate dispute outcomes, catch friendly fraud early, achieve higher NPS, all while seeing an immediate positive impact on our bottom line. Casap’s customizability helps us adapt quickly to evolving needs, fraud trends, and transforms the way we work across the credit union. With Casap, AI is more than a tool—it’s the engine driving our mission to create an unparalleled member experience.”
Looking Ahead
This $8.5 million funding round is just the beginning. We’re excited to continue working with financial institutions of all sizes to deliver smarter, faster back-office operations that not only tackles fraud but also turns a traditionally negative experience into a loyalty-building opportunity.
Stay tuned for more updates as we continue to build the next-generation of financial operations.
