Treasury Analyst, Regulatory Operations (FCM)

At Underdog, we make sports more fun. Our thesis is simple: build the best products and we’ll build the biggest company in the space, because there’s so much more to be built for sports fans. We’re just over five years in, and we’re one of the fastest-growing sports companies ever, most recently valued at $1.3B. And it’s still the early days. We’ve built and scaled multiple games and products across fantasy sports, sports betting, and prediction markets, all united in one seamless, simple, easy to use, intuitive and fun app. Underdog isn’t for everyone. One of our core values is give a sh*t. The people who win here are the ones who care, push, and perform. If that’s you, come join us. Winning as an Underdog is more fun. This role sits at the intersection of a high-growth sports company and regulated financial markets, giving you direct ownership over treasury operations within a registered Futures Commission Merchant (FCM). You’ll manage real capital movement, liquidity, and regulatory safeguards in a fast-moving environment where accuracy, judgment, and urgency matter every day. Your work will directly support product growth while protecting the financial foundation of the business.

• *What You’ll Do**

• Execute and monitor daily customer fund segregation and secured amount calculations in compliance with CFTC regulations

• Manage daily cash positioning to meet customer withdrawal requests, exchange margin requirements, and regulatory minimums
• Initiate, review, and release wire transfers with strict adherence to internal controls and approval workflows
• Support exchange and clearinghouse margin funding, including variation and initial margin movements
• Monitor liquidity and identify potential shortfalls or excesses, escalating issues as needed
• Maintain accurate records of cash movements, collateral, and bank balances across multiple accounts
• Support regulatory reporting, audits, and examinations related to treasury and cash management activities
• Collaborate with Accounting, Compliance, and Operations to ensure accurate, timely, and compliant treasury processes
• *Who you are**

• You have 2–4+ years of experience in treasury, cash management, regulatory operations, or financial operations within a regulated financial institution (FCM, broker-dealer, clearing firm, bank, etc.)

• You are familiar with customer protection or reserve-style calculations (CFTC segregation or SEC Rule 15c3-3 experience highly transferable)
• You have a strong understanding of cash management processes, wire controls, and bank reconciliation
• You possess an exceptional attention to detail; you understand that an error in a calculation or a wire transfer has significant financial and regulatory consequences
• You are comfortable in a high-pressure, daily-deadline-driven environment
• You hold a Bachelor’s degree in Finance, Accounting, or a related field
• You are independent and understand the importance of segregation of duties, reporting directly into the finance vertical and remaining separate from the trading desk
• *Even better if you have**

• Direct experience preparing daily segregation or secured amount computations

• Experience with regulatory reporting portals (e.g., NFA WinJammer or FINRA FOCUS systems)
• Familiarity with CFTC Regulations
• 1.20–1.32
• CTP (Certified Treasury Professional) designation
• Experience working with exchanges, clearinghouses, or margin funding
• Our target starting base salary range for this position is between $90,000 and $100,000, plus target equity. The starting base salary will depend on a number of factors including the candidate’s skills and experience, among other things.*

• *What we can offer you:** • Unlimited PTO for full-time employees (we're extremely flexible with the exception of the first few weeks before & into the NFL season)

• 16 weeks of fully paid parental leave
• Home office stipend
• A connected virtual-first culture with a highly engaged distributed workforce
• 5% 401k match, FSA, company paid health, dental, vision plan options for employees and dependents

We're a remote-first company and value in-person connection. That said, we expect everyone to gather 2-3 times per year for team and company offsites, trainings, and more.

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his position may require sports betting licensure based on certain state regulations.

* • Underdog is an equal opportunity employer and doesn't discriminate on the basis of creed, race, sexual orientation, gender, age, disability status, or any other defining characteristic.* • *California Applicants** : Review our CPRA Privacy Notice here. Apply tot his job Apply To this Job