Fintech Founder Behind AI Shopping App 'Nate' Charged with Fraud After Human-Operated System Uncovered
Nate’s founder faces DOJ charges after claiming AI-powered checkout while using human workers in the Philippines.
Matilda
Fintech Founder Behind AI Shopping App 'Nate' Charged with Fraud After Human-Operated System Uncovered
I recently came across a shocking case that highlights the dark side of the AI boom. Albert Saniger, the founder and former CEO of Nate — an app that promised to revolutionize online shopping with artificial intelligence — has been charged with fraud by the U.S. Department of Justice. The reason? His so-called AI app was allegedly run by humans, not algorithms. Image Credits:Andrew Harrer / Bloomberg/ Getty Images Nate’s Big AI Promise: A Universal Checkout for E-Commerce Founded in 2018, Nate attracted serious venture capital, raising over $50 million from high-profile investors like Coatue and Forerunner Ventures. In 2021, they secured a $38 million Series A round led by Renegade Partners. The app was marketed as an AI-powered universal checkout tool, allowing users to buy from any e-commerce site with a single click. It sounded futuristic and game-changing — but the truth was far from it. DOJ Investigation Reveals the Shocking Truth According to the U.S. Department of Justice’s Southern …