Fraud Allegations Besiege Kalder’s Founder, Gökçe Güven
High-stakes drama is unfolding within the fintech industry as Gökçe Güven, founder of the rewards-focused financial technology company, Kalder, faces a plethora of fraud charges. Federal prosecutors have indicted Güven on allegations of securities fraud, accusing her of maintaining two sets of books to mislead investors into parting with millions of dollars.
Kalder’s Business Model
Before delving into the charges, let’s understand the business model that Kalder was built on. The fintech startup was designed as a conduit for card-linked offers. Essentially, the platform allowed small, non-financial companies like retailers or sports teams to provide cashback rewards to customers using their existing credit cards.
Take, for instance, a scenario where a Swiss soccer team partners with a local coffee shop to offer cashback rewards on coffee purchases to its fans. This rewards program would encourage fans to patronize the partnered coffee shop, thereby generating additional sales. The soccer team would earn a commission on sales, and Kalder would take a cut as well.
The Alleged Fraud
However, the success of Kalder’s model hinges on a delicate balance. Substantial transaction volumes are required for any party to turn a profit, and a sufficient number of retailers and fans need to participate for the model to work. According to federal prosecutors, Güven allegedly fabricated data to convince investors that these challenges had been addressed.
U.S. attorney Jay Clayton stated, “Güven built her seed round on fake revenue, inflated brand partnerships, and fabricated documents.” As per the indictment, while Güven claimed an annual recurring revenue of $1.2 million, the actual figure hovered around $60,000 by April 2025.
To perpetuate the alleged deception, Güven is accused of managing two sets of books. One set, prepared by accountants, contained accurate data while the other, used to entice investors, was inflated. Furthermore, she purportedly claimed partnerships with numerous brands, many of which had no formal agreement with Kalder.
The Current Situation and Future Implications
Today, Kalder’s operational future hangs in the balance. The government has frozen a significant portion of the company’s assets, leaving it unable to service its debts or pay for legal representation. This move throws a spanner in the works for the embattled startup, potentially leading to its downfall.
Adding to the severity of the charges, Güven is also facing allegations of visa fraud and aggravated identity theft. It is claimed she used forged letters of support from business executives to secure an O-1A visa, a status reserved for non-citizens demonstrating exceptional ability in their field.
Prior to these legal issues, Güven was celebrated as a promising entrepreneur, even earning a place on the Forbes 30 Under 30 list for marketing and advertising in 2025. However, these recent developments cast a shadow over her accomplishments, and serve as a stark reminder of the risks inherent in early-stage fintech investing.
As the case unfolds, it is a stark reminder for investors of the importance of diligent vetting processes when considering potential fintech partnerships. The unfolding saga underscores the need for transparency, trust, and accurate reporting in the fintech space. For more information, click Here.
