AngelList’s Networked Banking is designed to enhance deposit protection, fund security, and operational efficiency. A key feature of Networked Banking is its sweep account program, which distributes deposits across multiple FDIC-insured partner banks to maximize coverage while ensuring liquidity.
How Networked Banking works
Networked Banking distributes deposits across partner banks, increasing FDIC coverage while ensuring liquidity and accessibility. It also enables a fully centralized banking experience for AngelList-administered funds, streamlining capital calls, distributions, management fee processing, and fund expenses. Additionally, it provides a clear audit trail for all money movements
Key benefits:
- Up to $125M in FDIC Insurance – Deposits are distributed across multiple banks, increasing coverage per investing entity (subject to availability).
- Segregated Accounts – Funds are held in your fund’s legal name at the partner bank, ensuring security and transparency.
- Liquidity & Fast Access – Deposits remain available for deployment within one business day.
Networked Banking eligibility & enrollment
Who can enroll?
- Venture Funds and Rolling Funds ($5,000 per year)
- Treasury Subscribers (included at no extra cost)
Who is not eligible?
- Newly created Crypto or Cannabis-related funds
Existing fund enrollment
- Funds enrolled before August 1, 2024, remain in Networked Banking at no cost.
- Funds launched or enrolling in Networked Banking after August 1, 2024, must meet standard eligibility requirements and subscribe through their GP Dashboard for $5,000 per year.
- Pre-existing Crypto or Cannabis funds must actively re-enroll but remain eligible for free access.
Re-enrollment for crypto & cannabis funds
Pre-existing Crypto and Cannabis funds must confirm their eligibility and opt in to continue receiving Networked Banking services.
To qualify, a fund must have, as of August 1, 2024:
- An investment thesis specifically focused on crypto or cannabis-related assets, such as token warrants, NFTs, cryptocurrency purchases, or cannabis operating companies and projects.
- Deployed at least 15% of committed capital into crypto or cannabis-related investments.
Checking your coverage
To confirm your Networked Banking enrollment status and understand your current FDIC coverage:
- Go to your GP Dashboard
- Navigate to the “Vehicles” section
- Select your investment vehicle
- Click on the “Settings” tab and check “Networked Banking Settings”
AngelList is a financial technology company, not a bank or FDIC-depository insured institution. All banking services are provided through third-party banks. AngelList does not guarantee that every dollar held by a fund on the AngelList platform will have complete FDIC insurance coverage and AngelList does not provide any insurance on capital held. Any insurance coverage is provided by the FDIC through third-party banking partners. The information set forth above has been obtained from sources that AngelList believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness.
By electing to participate in the Networked Banking sweep account program, you agree to deposit your funds into a deposit account at one or more of the banks listed below and/or another reputable bank or financial institution (a “Sweep Bank”) as determined by AngelList or an affiliate from time to time, with no additional notice to you, as may be required to facilitate your use of the sweep account program. Currently, the Sweep Banks include:
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Grasshopper Bank, N.A., Member FDIC. Grasshopper Bank works with third-party agents and vendors Ampersand, Inc., American Deposit Management, LLC and its wholly owned subsidiary ADM Consulting, LLC, and IntraFi Network LLC to distribute your deposits across a network of FDIC-insured banks, for up to the current Standard Maximum Deposit Insurance Amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions in Grasshopper Bank’s ICS Deposit Placement Agreements. Below are lists of the banks and savings associations with which Grasshopper Bank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper Bank or you).
- Via Ampersand (current as of July 2024): Bank of New England, Old National Bank, Bankwell Bank, Enterprise Bank & Trust, Israel Discount Bank of NY, First Community Credit Union, Bank of Houston, Stearns Bank, and Texas Heritage National Bank
- Via ADM (current as of July 2024): CrossFirst Bank, Trustar Bank, Axos Bank, Keystone Bank, SSB, Pacific National Bank, Tristate Capital Bank, Byline Bank, First Western Trust Bank, NexBank, First Bank (NJ), Studio Bank, Third Coast Bank, SSB, Webster Bank, NA, Old National Bank, Bankwell Bank, and Enterprise Bank & TrustCrossFirst Bank, Trustar Bank, Bank of New England, Bell Bank, Keystone Bank, SSB, Pacific National Bank, Axos Bank, Western Alliance Bank, First Western Trust Bank, NexBank, First Bank (NJ), Studio Bank, Byline Bank, First Foundation Bank, Old National Bank, Third Coast Bank, SSB, Bankwell Bank, Webster Bank, NA, and Enterprise Bank & Trust.
- Via IntraFi (https://www.intrafi.com/network-banks)
- Piermont Bank, Member FDIC. Piermont Bank works with third-party agent and vendor IntraFi Network LLC to distribute your deposits across a network of FDIC-insured banks, for up to the current Standard Maximum Deposit Insurance Amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions in Piermont Bank’s ICS Deposit Placement Agreements. See list of Intrafi network banks and savings associations linked above.
The current limit for access to FDIC insurance on your funds through the Networked Banking sweep account program is $250,000 per eligible depositor, per destination institution, up to a maximum of $125,000,000, subject to change at any time by AngelList.