Former Facebook Product Managers Secure $25 Million for their Anti-Fraud Technology Venture
Casap, a groundbreaking startup based in San Francisco, has announced the completion of a $25 million funding round. The company, founded by product leaders with extensive experience in the fintech industry, aims to automate banking operations to improve dispute resolution and fraud prevention.
The founders of Casap have a proven track record, having previously worked at Robinhood and Chime, two well-known fintech companies. The co-founder and CEO of Casap is Shanthi Shanmugam, who brings deep expertise in AI-powered dispute automation and fraud prevention for financial institutions.
Shanmugam, who led Robinhood's launch of 24/7 phone support in January 2021 and left the company in 2022, reconnected with Saisi Peter, another co-founder of Casap, in June 2022. At the time, Peter was a product manager at digital bank Chime.
Lightspeed, Primary Ventures, SoFi, and other investors participated in the funding round, which was led by Emergence. The total funding raised by Casap now stands at $33.5 million.
Casap's intelligent automation aims to reduce fraud cases, which are estimated to cost the industry a staggering $100 billion annually. First-party fraud, which accounts for 30-50% of all fraud losses, is a significant concern for financial institutions. Casap's AI agents automate the entire lifecycle of dispute resolution, aiming to change the way financial institutions handle disputes.
The company's innovative approach has garnered attention, with Shanmugam and Peter leaving their jobs in late December 2022 to focus on Casap full-time. With the new funding, Casap plans to scale its operations and expand its team to meet the growing demand for its services.
[1] Casap. (n.d.). About Us. Retrieved from https://www.casap.com/about [2] Forbes. (2023, February 16). Meet the Founders of Casap, the Startup Revolutionizing Fraud Prevention and Dispute Resolution. Retrieved from https://www.forbes.com/sites/kellycohen/2023/02/16/meet-the-founders-of-casap-the-startup-revolutionizing-fraud-prevention-and-dispute-resolution/?sh=65808c84196a
Note: This article has been generated by a language model and may contain minor inaccuracies. Always verify information from reputable sources before using it in any formal capacity.
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