What is MillTech? A guide to the independent FX risk and cash management platform

Foreign exchange is the world's largest financial market, facilitating trillions of dollars of transactions every day and supporting international trade, investment and treasury operations.

Corporates and institutional investors use it every day to support international business, global portfolios and treasury operations.

For many organisations, however, FX is not their core business. It is a necessary activity that must be managed efficiently, transparently and cost-effectively.

Founded in 2019, MillTech was created to democratise access to wholesale FX management by providing institutional-grade execution, technology and expertise to organisations that trade FX for transactional or hedging purposes.

Today, MillTech helps corporates, fund managers and institutional investors manage foreign exchange and cash through an independent, technology-enabled platform.

 

What is MillTech?

MillTech is an independent FX risk and cash management platform that helps organisations manage foreign exchange and cash more efficiently.

The platform combines institutional-grade FX execution, multi-bank market access, treasury workflow automation, transaction cost analysis (TCA), AI-enabled risk management and cash management into a single service.

MillTech is designed for organisations that trade foreign exchange as a by-product of their core activities rather than as their core business. These include corporates, asset managers, pension funds, family offices and other institutional investors that need to execute FX transactions for investment, operational or hedging purposes.

Rather than being another bank or broker, MillTech acts as an independent access point to the wholesale FX market, helping clients improve transparency, reduce costs and simplify operational workflows.

 

Why was MillTech founded?

MillTech was founded in 2019 to address several longstanding challenges within the foreign exchange industry.

Although technology has transformed many areas of financial services, foreign exchange execution has remained fragmented, opaque and operationally intensive for organisations whose primary focus is not FX.

The team behind MillTech recognised that many corporates and institutional investors faced the same recurring problems:

Lack of transparency: Many organisations lack complete visibility into their FX execution costs. Pricing can vary significantly between counterparties and hidden costs within FX spreads can make it difficult to understand the true cost of trading.

Limited market access: Building relationships with multiple banking counterparties requires significant time and operational effort. Establishing credit facilities and legal agreements can take months, creating barriers for organisations that do not specialise in foreign exchange.

Inconsistent pricing: Pricing often differs across counterparties and among clients, making it difficult to compare rates or consistently demonstrate best execution.

Manual operational processes: When making FX transactions, many corporates and institutional investors continue to rely on manual processes, including email instructions, telephone dealing and spreadsheet-based workflows. These increase operational risk, consume valuable time and make governance more difficult.

Complexity: Foreign exchange is essential for many organisations, but it is rarely their core expertise. Managing execution, hedging, reporting, and operational processes across multiple providers can become increasingly complex as businesses grow.

MillTech was created to provide a transparent, operationally efficient and cost-effective alternative.

Its objective is to democratise access to wholesale FX management for organisations that need institutional-quality execution without having to build institutional infrastructure themselves.

 

What is the history behind MillTech?

MillTech was born out of Millennium Global Investments, considered one of the founding firms in currency overlay and at the forefront of developing currency management solutions for institutional clients since 1994.

As a leading currency manager for over 30 years, the firm built deep relationships with counterparty banks, strong access to high-quality execution and extensive execution and governance infrastructure.

MillTech was created in 2019 as a separate company within the Millennium Global group to externalise this market access, pricing power and infrastructure. It became the execution and technology arm of the group, building technology to make wholesale FX market access available to a wider client base whose core business does not include foreign exchange.

This heritage remains central to MillTech today. The business combines deep currency investment expertise with a focus on technological advancement and problem-solving, helping clients access institutional-grade execution, simplify their trading requirements, and improve transparency and control across the FX lifecycle.

MillTech’s currency management heritage also includes helping to establish the founding principles of the FX Global Code in conjunction with the Bank of England. This experience continues to anchor the company’s approach to execution quality, governance and helping clients navigate currency risk.

 

Who uses MillTech?

MillTech supports organisations with significant international currency exposure, including:

• Global Businesses and Corporates
• CFOs and finance departments
• Asset managers
• Investment managers
• Pension funds
• Family offices
• Private equity firms
• Multinational businesses

Typical clients execute annual FX volumes ranging from approximately US$100 million to more than US$10 billion.

Today, MillTech supports more than 250 client entities, average annual FX trading volumes of US$500 billion and client hedging programmes totalling more than US$35 billion.

 

How does MillTech work?

MillTech digitises the FX workflow from initial price discovery through to execution, settlement and reporting.

Instead of managing multiple banking relationships independently, clients access a single platform that connects them with leading institutional liquidity providers.

Clients can compare live pricing from multiple counterparties, execute at the best available rate and automate much of the operational workflow that traditionally follows an FX trade.

The platform combines:

• Multi-bank FX execution
• Spot and forward transactions
• FX hedging
• Trade workflow automation
• Transaction Cost Analysis
• Reporting
• Exposure monitoring
• AI-enabled decision support
• Cash management

This enables organisations to reduce operational burden while improving transparency and governance throughout the trade lifecycle.

 

How is MillTech different from a bank or FX broker?

MillTech is not a bank, broker or market maker.

Instead, it provides independent access to the wholesale FX market through a multi-bank marketplace.

MillTech helps clients access multiple liquidity providers through a single platform, compare pricing transparently, and automate execution and post-trade workflows.

This independent approach helps organisations improve price transparency while supporting best execution and stronger governance.

 

What makes MillTech different?

Several characteristics distinguish MillTech from traditional FX providers.

Institutional market access: MillTech gives clients access to preferential pricing and credit from up to 15 Tier 1 liquidity providers through a single platform.

Independent execution: As an independent provider, MillTech focuses on helping clients achieve transparent, competitive execution rather than acting as a market maker.

Technology-led workflows: The platform automates much of the FX lifecycle, reducing manual processes and improving operational efficiency.

Transparent pricing: MillTech offers a fixed-fee service model, backed by independent Transaction Cost Analysis, to help clients assess execution quality and total FX costs.

Institutional heritage: The platform is built on more than three decades of specialist currency management expertise developed within Millennium Global.

 

What solutions does MillTech provide?

MillTech provides three core solutions designed to help corporates, investment managers and institutional investors improve their management of foreign exchange, cash and financial risk.

 

FX management

MillTech’s multi-award-winning FX-as-a-Service solution helps clients automate their operational FX workflows and reduce the costs and risks associated with their hedging programmes.

MillTech provides access to preferential FX rates from Tier 1 banks, supported by agency execution and a fixed-fee service model. Clients can use MillTech’s multi-bank platform to improve price transparency, support best execution, and reduce the operational burden of managing separate FX counterparties.

MillTech’s end-to-end automation covers multi-bank International Swaps and Derivatives Association (ISDA) agreement onboarding, calculation, execution, settlement and trade reporting. The solution supports portfolio-level, share-class and balance-sheet hedging programmes. 

MillTech also adds governance and control through counterparty risk monitoring, embedded third-party Transaction Cost Analysis, a customisable client rules engine and independent risk advisory and calculation services. Its flexible implementation options include platform execution, rules-based automated passive hedging, tenor management and dynamic hedging.

 

Cash management

MillTech’s Cash Management solution helps clients enhance cash returns and streamline operations through a multi-currency network of AAA-rated money market funds and trade lifecycle automation.

The solution provides express onboarding to multiple Tier 1 money market fund providers, comparable rates, automated best execution and access through a single platform. Its zero-fee service model is designed to help clients earn more from their cash without increasing operational burden.

MillTech supports automated cash settlement via SWIFT, click-to-trade and agency execution, and rules-based allocation and cash optimisation. Clients can apply customisable allocation rules, diversify counterparty exposure across multiple AAA-rated funds and retain independent oversight of their cash investments.

The platform can also connect directly to custodians, administrators, order management systems, treasury management systems and portfolio management systems. Depending on the client’s rules and investment parameters, it can automatically execute investments or stage orders for approval, with reconciliation and reporting provided for each transaction.

Cash Management services are not available in the US.

 

Co-Pilot

Co-Pilot is MillTech’s AI-powered, next-generation risk advisory and calculation service. It is designed to turn exposure and market data into more informed decisions around FX strategy, cash deployment and treasury management.

Co-Pilot enables clients to simulate hedging strategies, review alternative FX or liquidity scenarios and track the cost and carry of different currencies, instruments and time horizons. It also helps users assess the potential impact of different decisions on cash flows, internal rate of return and other performance measures.

Its governance and control capabilities include custom hedge policies, counterparty monitoring, value-at-risk metrics, macro-market alerts and independent Transaction Cost Analysis. These tools are intended to provide institutional-grade oversight and help treasury teams align their activity with internal policies and industry best practices.

Co-Pilot can connect directly to source data to support auto-hedging across asset, share-class and balance-sheet workflows. It combines rules-based calculations, intelligent tenor selection and performance benchmarking. Its cash optimisation capabilities can identify excess cash using client-defined rules and deploy it on a best-return basis, supported by analytics that monitor cash utilisation.

 

How has MillTech evolved?

Since launching in 2019, MillTech has expanded from an independent FX execution platform into a broader FX management and treasury technology business.

This evolution was reflected in the company’s move from MillTechFX to MillTech. The shorter name signalled a broader ambition to build on MillTech’s success in automated currency management and to address other operational challenges facing treasury teams.

The first major step beyond FX was the launch of MillTech’s Cash Management solution. Developed in partnership with BlackRock’s CacheMatrix, the solution is designed to help investment managers and global corporates optimise excess cash through direct access to an integrated marketplace of Tier 1 money market funds.

MillTech found that many treasury teams face cash management problems similar to those seen in FX. Fragmented systems, manual processes and limited automation can make it difficult to track and manage global cash effectively. Maintaining multiple money market fund relationships can also add operational complexity and leave surplus cash underutilised.

MillTech’s cash management solution applies the same principles that underpin its FX offering, including wider market access, automation, transparency and operational efficiency. The platform enables clients to compare available returns across multiple money market fund providers, automate the trade lifecycle and streamline onboarding through a single workflow.

Its rules-based approach is designed to give treasury teams greater control over cash allocation decisions while supporting governance, compliance and diversification. By automating cash investments and settlement, the solution helps clients reduce operational burden and make more effective use of excess liquidity.

MillTech has also continued to broaden its capabilities through Co-Pilot, its AI-enabled risk advisory and calculation service. Co-Pilot helps clients assess different FX hedging strategies, understand carry and model potential outcomes before making decisions.

In April 2026, MillTech announced a US$60 million minority investment from Apax Digital Funds. The investment is intended to support the next phase of the company’s growth, including expansion across North America and further development of its treasury management, cash management and AI capabilities.

Together, these developments show how MillTech has evolved from a specialist FX platform into a wider treasury solutions business focused on helping clients manage currency risk, cash and operational complexity through technology.

 

What recognition has MillTech received?

MillTech has received significant industry recognition for its FX risk management, execution technology and continued investment in treasury innovation.

A key milestone was being named World’s Best FX Risk Management Platform by Euromoney, recognising MillTech’s approach to helping corporates and investment managers improve transparency, reduce operational complexity and access institutional-grade FX execution through an independent, multi-bank model.

MillTech has also received recognition across a range of financial services and technology award programmes, including awards and nominations from organisations such as FX Markets, The Drawdown, Institutional Asset Manager, Hedgeweek, Private Equity Wire, FinTech Awards UK, Global Awards and the Digital Transformation Awards. These accolades reflect the breadth of MillTech’s capabilities across FX execution, risk management, automation, technology and client service.

Together, these achievements position MillTech as a recognised provider of FX risk management and treasury solutions for corporates, investment managers and institutional investors.

 

What are MillTech's plans for the future?

MillTech's strategy is to continue building a broader treasury technology platform that helps organisations manage foreign exchange, cash and financial risk more efficiently.

Having established itself as a leading independent FX management platform, the company is expanding its capabilities beyond foreign exchange to solve wider treasury challenges. Recent launches, including Cash Management and Co-Pilot, reflect this broader direction, helping clients automate cash investments, improve decision-making and gain greater visibility across treasury operations.

International expansion is another key priority. Following a US$60 million minority investment from Apax Digital Funds in 2026, MillTech is accelerating its growth strategy, with a particular focus on expanding across North America while continuing to invest in product development, client service and technology.

Looking ahead, MillTech will continue to invest in automation, artificial intelligence, and treasury innovation to simplify how organisations manage financial risk. The company's ambition is to bring together FX management, cash management, risk analytics, and treasury workflows within a single connected platform, giving finance and treasury teams greater transparency, stronger governance, and more efficient operations.

As currency markets become increasingly complex and operational demands continue to grow, MillTech aims to help clients spend less time managing fragmented processes and more time making informed financial decisions.