Tamiami Angel Funds Invests in Financial Tech Firm

Under.io secured an investment of $410,000 from Southwest Florida angel investors.

NAPLES, Fla., (June 10, 2024) — Angel investors from Southwest Florida led an investment in Under.io, a firm that helps payment-processing and financial-services companies originate new accounts digitally.

Members of Tamiami Angel Fund V recently invested $410,000 in Under.io, the second portfolio company in the fund.

Under.io is modernizing the process of opening accounts by helping financial services companies to more efficiently create digital applications and automate underwriting, speeding up current processes that are slow and manual.

“Our primary vertical is the payment-processing industry,” says Jeff Shea, co-founder of Under.io who previously founded and later sold a payment-processing company to a private-equity firm in 2017. For example, a payment-processing company can use Under.io’s technology to streamline the opening of new-business accounts such as for restaurants and retailers without the need for engineers or costly technical resources.

“Our members were impressed by how Under.io solves the new-client bottlenecks by automating the onboarding process, a promising technology that could be adopted across a broad range of financial-services companies,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds in Naples. “This technology will be huge time and cost savers for banks, credit unions and insurance agencies with their customer-acquisition strategies.”

“Right now, we’re really focused on growth and scaling the business,” says Shea. “What interests us about working with Tamiami Angel Funds is they’ve got an established network that can really help us grow.”

Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. For more information about Under.io, visit www.under.io. 

About Tamiami Angel Funds

Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III, Tamiami Angel Fund IV and Tamiami Angel Fund V are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.