Banking Operations Program Manager

About the Role

Allocate has launched Banking-as-a-Service (BaaS) capabilities powered by Increase and Grasshopper Bank, enabling investors to fund capital calls and manage investments through dedicated accounts. This functionality streamlines cash movements, monitoring, and reconciliation across our platform.

We are seeking a Banking Operations Program Manager to design, scale, and operationalize these systems. You will ensure all banking operations—including account onboarding, AML/KYC workflows, fund account setup, and transaction oversight—are executed in full compliance with regulatory requirements by collaborating closely with FS Vector (our outsourced compliance partner), Increase, and Grasshopper Bank.

This is a unique opportunity to build the foundation of a next-generation private investment platform, defining how money moves securely and efficiently across private markets.

What You’ll Do

Banking Operations Setup

• Design and implement end-to-end processes for client and fund account opening, mirroring the rigor of traditional banking workflows.

• Partner with the Fund Administration team to operationalize account requests for funds and investment vehicles.

• Work with Increase and Grasshopper Bank to ensure smooth integration, documentation, and escalation paths.
  
  

Regulatory & Compliance Alignment

• Coordinate AML/KYC processes for all clients and LPs in collaboration with FS Vector, ensuring that workflows meet regulatory and partner bank requirements.

• Partner with FS Vector to translate compliance requirements into operational workflows and monitoring practices.

• Support ongoing and post-transaction monitoring programs, periodic reviews, and audit readiness.

• Serve as the operational bridge between FS Vector, Increase, and internal teams, maintaining consistent communication, documentation, and escalation frameworks.
  
  

Operational Excellence & Risk Management

• Establish and document scalable workflows, playbooks, and approval frameworks for banking and fund operations.

• Identify and mitigate operational risks related to payments, reconciliations, fraud, and fund cash management.

• Collaborate with Product and Engineering to automate compliance workflows and improve operational visibility.

• Drive continuous improvement by monitoring metrics, identifying bottlenecks, and iterating on processes.
  
  

Cross-Functional Leadership

• Serve as the subject-matter expert bridging technology, fund administration, compliance, and banking partners.

• Ensure operational teams follow compliant procedures by working hand-in-hand with FS Vector and partner banks to interpret and implement regulatory guidance.

• Educate internal teams on banking processes, risks, and best practices.

• Represent Banking Operations in vendor, audit, and regulatory discussions.
  
  

Who You Are

• 6+ years of experience in banking, payments, or neo-bank operations, with exposure to account onboarding, AML/KYC, and transaction monitoring.

• Deep understanding of banking risk and compliance frameworks as an operational partner, ensuring compliance and working with our compliance teams.

• Proven ability to design and implement new banking or payments processes in a startup or technology-driven environment.

• Strong communicator who can bridge technical, operational, and regulatory perspectives.

• Comfortable operating in an early-stage environment: building from scratch, wearing multiple hats, and scaling rapidly.
  

Ideal candidate will also have:

• Experience with Banking-as-a-Service platforms (e.g., Increase, Treasury Prime, Unit, etc.).

• Background in fund administration or investment operations.

• Familiarity with regtech solutions for AML, KYC, and transaction monitoring.

• Exposure to OFAC, FinCEN, or Reg E operational requirements.
  
  

Essential Values & Culture

Extreme Client Service
We approach every interaction with urgency, clarity, and accountability. Whether supporting investors, partners, or colleagues, we take ownership until the issue is resolved—always aiming to simplify, not complicate.

Relentless Problem Solving
We don’t stop at identifying challenges; we work through them. Our mindset is, “How do we make this work?” Every obstacle is an opportunity to improve, innovate, and deliver solutions that move us forward.

Additional Details

Location: Palo Alto, CA or New York, NY. Primarily in-office (4 days per week preferred).
Employment: Full-time.
Compensation: $130,000–$160,000 base salary, plus performance-based bonus, stock options, and comprehensive benefits.

• (Higher compensation may be available for exceptional candidates with deep BaaS or fintech compliance experience.)

In compliance with federal law, all persons hired will be required to verify identity and eligibility to work in the United States and to complete the required employment eligibility verification form upon hire. Must have legal authorization to work in the U.S. now and in the future without visa sponsorship.