Tag: Fintech

Fintech Founder Faces Fraud Charges After ‘AI’ Shopping App Revealed to Rely on Human Labor in the Philippines

by educatekaroin News, AI, FintechLeave a Comment on Fintech Founder Faces Fraud Charges After ‘AI’ Shopping App Revealed to Rely on Human Labor in the Philippines

Albert Saniger, ex-CEO of AI shopping app Nate, was charged with defrauding investors by falsely claiming its tech enabled fully automated online purchases. In reality, humans in a Philippine call center did the work. Nate raised over $50M before collapsing in 2023, leaving investors with major losses. Similar cases of exaggerated AI claims have surfaced recently.

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Ramp’s Revenue Soars to $700M, Valuation Hits $13B

by educatekaroin News, Business, FintechLeave a Comment on Ramp’s Revenue Soars to $700M, Valuation Hits $13B

Fintech star Ramp has rocketed past $700 million in annualized revenue by January 2025, doubling from $300 million in under 18 months. With AI slashing costs and a $150 million secondary sale, its valuation jumped to $13 billion. CEO Eric Glyman says profitability’s a choice—they’re all in on growth!

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New Article -> 50+ Essential Startup Terms from Shark Tank: MVP, CAC, Burn Rate & More

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