‘World’s Best Risk Management Solution' for 3 years running

MillTech has won ‘World’s Best Risk Management Solution’ at the Euromoney FX Awards 2026, marking the third consecutive year we have won the award.

The Euromoney Foreign Exchange Awards have been recognising leadership and innovation across the global FX market for more than four decades. Entries are assessed through a research-led process covering areas including market performance and growth, execution quality, technology and workflow innovation, and client outcomes.

This announcement comes at a time when corporates and fund managers are navigating an increasingly complex FX environment, with ongoingtrade uncertainty,shifting central bank expectations andgeopolitical tensions driving currency volatility. At the same time, finance teams are under pressure to strengthen operational resilience, control costs and modernise the way they manage currency risk.

MillTech's solution addresses these challenges, combining FX risk management, execution, automation, analytics and governance through a single technology platform.

Winning for a third consecutive year means a great deal to us.

A lot has changed at MillTech over the past three years. We’ve grown rapidly, expanded internationally and moved into new areas including cash management and AI-enabled risk advisory, while staying focused on the same goal to give finance teams better technology, greater transparency and more control over their FX and treasury operations.

FX risk isn’t getting any easier to manage, but the technology available to finance teams is getting much better. This gives us even more confidence in the direction we’re taking.

Eric Huttman, CEO of MillTech

 

A lot has happened since our first win

Winning ‘World's Best FX Risk Management Solution’ in 2024 came at an important point in MillTech’s growth. Since then, the scale of the business and what we can offer our clients have changed considerably.

Today, we serve more than 250 client entities, process approximately $500 billion in annual FX trading volume and support client hedging programmes totalling more than $35 billion.

We’ve also grown quickly, delivering 79% revenue growth in 2024 and 73% in 2025, while maintaining a 100% client retention rate.

This growth has come as the challenges facing corporates and fund managers have become more complex. FX is the world’s largest and most liquid financial market, yet managing currency risk can still involve fragmented systems, manual processes and limited visibility across providers.

Our own research this year found that 88% of UK and US corporates and 97% of North American fund managers have experienced losses from FX exposure. Against that backdrop, making risk management more transparent, automated and easier to control has only become more important.

Our platform gives clients access to more than 15 liquidity providers across the wholesale multi-bank market through an independent agency model. They can compare and execute trades, automate workflows and use independent transaction cost analysis to understand execution quality. Across our client base, that model has delivered average net execution cost savings of 88%.*

 

Building beyond FX execution

One of the biggest changes over the past few years has been the breadth of the problems our clients are asking us to help solve.

FX execution remains at the heart of what we do, but finance teams increasingly want technology that connects more of their treasury operations and helps them make better decisions around risk, liquidity and cash.

Last year, we launched two new products as part of that evolution. Our cash management solution, developed in collaboration with BlackRock’s CacheMatrix, helps firms automate cash investment workflows and put surplus cash balances to work.

We also launched Co-Pilot, our AI-enabled risk advisory solution, which helps clients automate trade calculations, model different FX hedging strategies, assess interest rate differentials and make more informed decisions about cash deployment.

Both are part of a much bigger ambition to give finance teams a more connected approach to managing treasury.

 

What comes next

In April 2026, we announced a $60 million minority investment from Apax Digital Funds, valuing MillTech at $325 million.

That investment is helping us accelerate the next phase of our growth, particularly in North America, while continuing to develop the technology and treasury management capabilities we can offer clients globally.

The opportunity ahead is significant. Currency markets continue to evolve, expectations of finance teams are rising and technologies such as AI are changing what can be automated and how quickly decisions can be made.

This is a chance to celebrate how far we’ve come, while giving us even more confidence in where we’re heading next.

Find out more about MillTech and our award-winning approach to FX risk and cash management here, or get in touch with our team today.

 

The stated cost savings are calculated based on the aggregate notionally adjusted portfolio costs of a sample set of Fund Manager MillTech clients in major currency pairs with comparable pre and post TCA transaction data only. Fund Manager and Corporate FX cost savings with MillTech may differ and individual cost saving results may vary.