casap

Background

Casap, founded in 2023 and headquartered in New York, is an AI-driven platform specializing in automating dispute resolutions and preventing fraud for financial institutions, including banks, credit unions, and fintech companies. The company's mission is to streamline back-office operations, reduce operational costs, and enhance consumer satisfaction by providing rapid, compliant dispute resolutions. Casap's platform addresses the increasing challenges posed by first-party fraud and the growing volume of payment disputes, positioning itself as a significant player in the financial technology sector.

Key Strategic Focus

Casap's strategic focus centers on delivering an AI-powered solution that automates the end-to-end dispute resolution process. The platform is designed to:

• Automate Dispute Resolution: Utilize AI to handle disputes without human intervention, reducing processing times from days to minutes.

• Prevent First-Party Fraud: Implement a proprietary "first-party fraud score" to identify and mitigate fraudulent claims early.

• Enhance Consumer Experience: Transform traditionally negative dispute experiences into opportunities for building customer loyalty through fast and transparent resolutions.

By focusing on these areas, Casap aims to provide financial institutions with tools to efficiently manage chargebacks, ensure compliance, and improve operational efficiency.

Financials and Funding

In October 2024, Casap secured $8.5 million in funding to scale its AI-powered solution. The funding round was led by Lightspeed Venture Partners, with participation from Primary Venture Partners, Commerce Ventures, Curql, Alloy Labs, and notable fintech founders and executives from companies such as Chime, Robinhood, Square, Current, Novo, and Alloy. This capital infusion is intended to enhance Casap's AI decision-making capabilities, reduce operational costs for financial institutions, and transform the consumer experience in dispute resolution.

Technological Platform and Innovation

Casap's platform stands out due to its innovative technological features:

• AI-Powered Automation: The platform leverages artificial intelligence to analyze evidence, predict outcomes, and automate key actions such as issuing credits and filing chargebacks.

• First-Party Fraud Score: Similar to a FICO score, this proprietary metric assesses the likelihood of a consumer filing a false dispute claim, enabling proactive fraud prevention.

• Regulatory Compliance: Built-in expertise ensures adherence to regulations such as Reg-E, Reg-Z, Nacha, and card network rules, providing compliance by default.

• Transparency: Casap's chargeback model includes publicly available weights, setting a new industry standard for transparency.

These technological advancements enable financial institutions to resolve disputes efficiently, reduce fraud-related losses, and enhance customer trust.

Leadership Team

Casap's leadership comprises experienced professionals with backgrounds in leading fintech companies:

• Shanthi Shanmugam, Co-Founder and Chief Executive Officer: Prior to founding Casap, Shanthi led the implementation of 24/7 customer support for 20 million Robinhood members during periods of peak volatility, demonstrating her expertise in scaling operations and enhancing customer experiences.

• Saisi Peter, Co-Founder: Saisi built tools to support over 1,200 Chime agents worldwide, saving the business $10 million through integrations and automations, showcasing her proficiency in developing efficient operational tools.

Their combined experience in managing large-scale operations and implementing innovative solutions positions Casap to effectively address the challenges faced by financial institutions in dispute resolution and fraud prevention.

Competitor Profile

The financial technology sector, particularly in dispute resolution and fraud prevention, is highly competitive. Key competitors include:

• Chargeback Gurus: Specializes in chargeback management and prevention services, offering solutions to recover lost revenue and prevent future chargebacks.

• Ethoca: Provides collaboration-based solutions to help merchants and card issuers prevent fraud and disputes through real-time data sharing.

• Verifi: Offers end-to-end payment protection solutions, including dispute management and fraud prevention tools, to reduce chargebacks and improve customer satisfaction.

Casap differentiates itself by offering an AI-driven platform that not only automates dispute resolutions but also proactively prevents first-party fraud, providing a comprehensive solution for financial institutions.

Strategic Collaborations and Partnerships

Casap has established significant partnerships to strengthen its market position:

• Chartway Credit Union: Implemented Casap's platform to revolutionize dispute resolution processes, resulting in faster, accurate dispute outcomes and improved member experiences.

• CrossState Credit Union Association: Selected Casap as an alliance provider to help credit unions reduce fraud losses, enhance efficiency, and improve member trust through AI-driven automation.

These collaborations demonstrate Casap's commitment to delivering value to financial institutions and their customers.

Operational Insights

Casap's platform offers several operational advantages:

• Efficiency: Automates up to 30% of dispute cases, reducing processing times and operational costs.

• Fraud Prevention: Identifies and mitigates first-party fraud through proprietary scoring, reducing financial losses.

• Customer Satisfaction: Transforms dispute resolution into a positive experience, enhancing customer loyalty and trust.

By integrating AI-driven automation with regulatory compliance, Casap provides a comprehensive solution that addresses the multifaceted challenges of dispute management and fraud prevention.

Strategic Opportunities and Future Directions

Looking ahead, Casap aims to:

• Expand Platform Capabilities: Develop additional features to address other aspects of fraud prevention and back-office operations.

• Broaden Market Reach: Partner with more financial institutions, including smaller banks and credit unions, to provide scalable solutions.

• Enhance AI Algorithms: Continuously improve AI models to increase accuracy in fraud detection and dispute resolution.

By focusing on these areas, Casap is well-positioned to continue its growth and impact in the financial technology sector.

Contact Information

• Website: casaphq.com

• LinkedIn: Casap on LinkedIn

For more information or inquiries, please visit Casap's official website.