Fintech founder charged with fraud after ‘AI’ shopping app found to be powered by humans in the Philippines

Photo: US Department of Justice building under construction. Washington, DC 1932-1933. Photo credit: The Library of Congress. Prints & Photographs Division, photograph by Harris & Ewing, [reproduction number, e.g., LC-USZ62-12345]. No known restrictions on publication. Article by Charles Rollet. TechCrunch – April 10, 2025.

Albert Saniger, the founder and former CEO of Nate, an AI shopping app that promised a “universal” checkout experience, was charged with defrauding investors on Wednesday, according to a press release from the U.S. Department of Justice. Founded in 2018, Nate raised over $50 million from investors like Coatue and Forerunner Ventures, most recently raising a $38 million Series A in 2021 led by Renegade Partners. […]

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