Treasury Analyst, Regulatory Operations

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.

About The Role

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.

Own and oversee daily customer fund segregation and secured amount calculations, ensuring compliance with CFTC regulations and internal control

Requirements

Manage daily cash positioning and liquidity across multiple accounts to support customer withdrawals, exchange margin

, and regulatory minimums Review, approve, and release wire transfers in accordance with established controls, approval workflows, and treasury policies Lead exchange and clearinghouse margin funding activities, including variation and initial margin movements, while proactively managing funding

Monitor liquidity exposures, identify potential shortfalls or excesses, and recommend actions to optimize cash utilization and mitigate risk Maintain accurate records of cash movements, collateral balances, and treasury activity while ensuring timely reconciliation of bank and custody accounts Support and coordinate regulatory reporting, audits, examinations, and information requests related to treasury operations and customer protection

Partner closely with Accounting, Compliance, Operations, and external banking and clearing partners to ensure accurate, timely, and compliant treasury processes Identify opportunities to strengthen controls, improve operational efficiency, and scale treasury processes to support company growth Serve as a subject matter expert on treasury operations, customer fund protection

, and liquidity management practices

, or SEC Rule 15c3-3 reserve computations You possess a strong understanding of treasury operations, including liquidity management, cash forecasting, wire controls, and bank reconciliations You have experience independently owning critical treasury processes and exercising sound judgment in situations involving liquidity, funding, or operational risk You demonstrate exceptional attention to detail and understand the importance of accuracy in a highly regulated environment You thrive in a fast-paced, deadline-driven environment and can effectively manage competing priorities You have experience partnering cross-functionally with Accounting, Compliance, Operations, and external counterparties You hold a Bachelor's degree in Finance, Accounting, Economics, or a related field You operate with a strong control mindset and understand the importance of segregation of duties Even better if you have Direct experience preparing and

Who You Are

You have 5–8+ years of experience in treasury, cash management, regulatory operations, or financial operations within a regulated financial institution (FCM, broker-dealer, clearing firm, bank, or similar environment) You have direct experience with customer protection or reserve-style calculations, including CFTC segregation, secured amount