Ex-Facebook Employees Land $25M Funding for Casap’s AI-Driven Fraud Platform

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Published by Stephen Oluwadara at August 15, 2025

Casap The Fraud Instigator and Mediator

Casap was founded in 2023 by CEO Shanthi Shanmugam and Saisi Peter, both former product managers at Facebook. First-party fraud costs businesses an estimated $100 billion a year, according to fraud prevention firm Socure.

To help banks, Casap’s software flags how many disputes a customer has previously filed and can send automated emails to serial disputers. The start-up, based in San Francisco, is building a post-transaction risk intelligence layer for banks, credit unions, and fintechs. Its platform uses AI agents to handle the entire payment dispute management lifecycle.

The lifecycle includes three main stages: intake evidence collection, where data is gathered; outcome prediction, where the likelihood of fraud is predicted; and automatic chargeback filing, where chargebacks are filed based on expected outcomes. Additionally, the compiled data is used to spot patterns in transaction fraud.

“This next chapter is about going deeper: more signal coverage, more configurable workflows, and expanding our first-party fraud model to become the intelligence layer for how institutions manage post-transaction risk,” Peter wrote on LinkedIn.

Casap has more than 15 customers, including publicly traded fintechs, banks, and credit unions like Virginia Beach-based Chartway, with $3.5 billion in assets. This new capital brings its total funding to $33.5 million.

Simply put, Casap works like a fraud investigator. When consumers start a dispute, the software asks detailed questions to understand what happened with a transaction and assess whether the complaining purchaser is being honest.

Sometimes, Casap encourages consumers to resolve the problem directly with the merchant instead of filing a dispute with their bank. This approach is particularly recommended if the fintech’s data shows the person has made other recent purchases at that merchant.

Meet Casap Founders

Shanthi Shanmugam grew up in San Jose and attended the University of California, Berkeley, where she majored in electrical engineering and computer science. After a brief stint at Meta as a product manager in a rotational program, she joined Robinhood in 2017.

During her time at Robinhood, Shanmugam helped launch the company’s first crypto trading feature and worked on stock watchlists before shifting focus to customer support.

In June 2022, she reconnected with former Meta colleague Saisi Peter, who was developing internal tools for customer support and dispute management at Chime. Recognizing the need for better technology to handle high-stress customer interactions, they incorporated Casap in late December 2022 and left their jobs in February 2023 to work on it full-time.

The funding round was led by Emergence Capital, a firm known for backing category-defining companies like Zoom and Salesforce. Other participants in the round included Lightspeed Venture Partners, Primary Venture Partners, SoFi, and other investors.

The new capital will allow Casap to expand its first-party fraud scoring engine. They’ll also invest further in AI-powered decisioning and continue building the intelligence layer for post-transaction risk.