Propellant Ventures is excited to announce that we made an investment into Chicago-based Under, which provides a unified platform that automates customer onboarding, document completion, identify identification, and submission for end users, brokers, and financial institutions. Under automates sales and underwriting for mortgages, insurance, merchant processing, patient financing, etc. Under’s objective is to address the trillions of dollars lost due to fraud, risk, and poor underwriting between financial institutions and customers globally. Under believes streamlined applications with intelligent fraud protections will lead to reduced risk loss. The round was led by Chicago-based M25 with participation from SaaS Ventures, Springtime Ventures, Service Provider Capital, and HBSA.

Some reasons why we liked this opportunity include:

- Seasoned Founders - The Founder & CEO has 15 years of experience in the payment processing industry and started and sold a Payment Facilitator and Wholesale ISO. The Co-Founder started a fintech company and was involved in growing and selling a cleantech business.

- Early Market Traction - Since launching in May 2021, Under already has 14+ paid clients and a robust pipeline.

- Market Ripe for Disruption - Fraud and risk management solutions cost global financial institutions over $214 billion annually, which is growing each year. Up to 10% of banks’ bad debt is the result of application fraud, with each fraudulent credit application costing financial institutions $1,000 on average. As trends favor application digitization, financial institutions are actively looking for solutions to reduce risk and tackle fraud.

‍