Startup Casap raises $8.5 million for fraud-prevention product

Casap, a startup created to help banks and fintechs combat first-party fraud, has raised $8.5 million in seed and pre-seed funding.

Shanthi Shanmugam, the startup’s CEO, said in a LinkedIn post that the funding was led by Lightspeed, Primary Venture Partners, Commerce Ventures, Curql and Alloy Labs.

The proceeds will be used to scale the company’s first AI-powered solution for banks, credit unions and fintechs. The product will provide real-time collaboration across operational silos and tools, built-in regulatory guidance and industry expertise and insights and tools to prevent and reduce costly fraud.