We describe an algorithm to reduce the cost of auxiliary-field quantum Monte Carlo (AFQMC) calculations for the electronic structure problem. The technique uses a nested low-rank factorization of the electron repulsion integral (ERI). While the cost of conventional AFQMC calculations in Gaussian bases scales as , where N is the size of the basis, we show that ground-state energies can be computed through tensor decomposition with reduced memory requirements and subquartic scaling. The algorithm is applied to hydrogen chains and square grids, water clusters, and hexagonal BN. In all cases, we observe significant memory savings and, for larger systems, reduced, subquartic simulation time.