MathFinance

What MathFinance does

MathFinance AG is an independent, founder-owned quantitative finance advisory firm headquartered in Frankfurt am Main, Germany, with wholly-owned subsidiaries in London (MathFinance (UK) Ltd.) and Singapore (MathFinance (Asia) Pte. Ltd.). Founded in 2003 by Prof. Dr. Uwe Wystup, the firm provides model consulting, model validation, expert witness and conflict resolution services, and derivatives training to banks, asset managers, insurance and reinsurance companies, funds, family offices, and public organizations. The firm explicitly positions itself as a 'middle-sized' boutique combining academic rigor with front-office practitioner experience, with named enterprise relationships spanning 15+ global banks (Deutsche Bank, UBS, HSBC, Barclays, BNP Paribas, Morgan Stanley, Bank of America Merrill Lynch, among others) and courts across multiple jurisdictions.

The firm's product and technology core is MFVal, a proprietary C++ FX volatility surface library with Excel and Python interfaces. MFVal ingests standard broker quotes (ATM, risk reversals, butterflies) for standard tenors, and interpolates/extrapolates volatilities in space and time while respecting arbitrage constraints and ensuring smoothness, supporting the full range of delta and moneyness conventions. MFVal is deployed both for model validation and in live trading environments. Beyond the software product, MathFinance offers in-house and public derivatives training (FX Vanilla Options, FX Exotic Options, FX Structured Products, Numerical Methods, and Machine Learning applications), expert witness services for derivatives and structured products litigation, and runs the annual MathFinance Conference, now in its 26th edition.

MathFinance operates a diversified professional services and licensing revenue model. Revenue streams include model consulting engagements (implementation, validation, documentation, independent valuation), MFVal software licensing, training programs, and expert witness/conflict resolution services. Marketing and demand generation are primarily driven by thought leadership — including the Wiley-published 'FX Options and Structured Products' (2nd Edition), ongoing FX Columns in Wilmott magazine, the annual conference, a regular newsletter, and curated partnerships with ARPM, BCC Group, and mex consulting GmbH. The firm reports 1-10 employees, is privately held with no external funding, and does not publicly disclose revenue.

Name

MathFinance

Legal name

MathFinance AG

Website

https://mathfinance.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

MathFinance AG is a Frankfurt-based quantitative finance advisory firm providing model consulting, expert witness services, derivatives training, and proprietary FX volatility surface software (MFVal) to banks, asset managers, insurance companies, funds, and courts globally, with offices in Frankfurt, London, and Singapore.

Ownership category

akta.pro rank

Product category

Quantitative Finance Consulting & Financial Modeling Software

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE)

Keywords

• Quantitative finance consulting
• FX options modeling
• Volatility surface software
• Derivatives training
• Model validation services

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Consulting Services: Model consulting services including implementation and validation of valuation and risk models, model reviews and documentation, independent valuation of structured products. Clients include banks, asset managers and software companies.
2. MFVal Software Licensing: Licensing of proprietary FX volatility surface library MFVal for model validation and live trading environment use.
3. Training Programs: In-house training and coaching on derivatives, models and structuring. Delegates from over a hundred banks have been trained in FX Options. Course offerings include FX Vanilla Options, FX Exotic Options, FX Advanced Vanilla Options, FX Structured Products, Numerical Methods, and Machine Learning applications.
4. Expert Witness / Conflict Resolution: Independent expert reports and expert witness services for derivatives, structured products and long-term investment plans, serving courts and law firms globally.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

MathFinance is an independent quantitative finance advisory firm delivering expert consulting on valuation and risk models, structured products and FX volatility surfaces, along with proprietary MFVal software (FX Volatility Surface library). It complements these with derivatives training programs (FX vanilla/exotic options, structured products, numerical methods) and expert witness and conflict resolution services for courts and law firms on derivatives disputes.

Product overview

MathFinance offers a focused quantitative finance portfolio centered on its proprietary MFVal library for FX volatility surface modeling, complemented by consulting services (exotic options, structured products, model validation), expert witness/conflict resolution services for derivatives litigation, and derivatives training programs. The MFVal library serves as the nucleus of the FX Options pricing offering, used for both model validation and live trading environment integration. The company operates globally from offices in Frankfurt, London, and Singapore, serving banks, insurance companies, funds, and public organizations.

Differentiator

Problem solved

Functional benefit

Brands

• MFVal: Proprietary FX Volatility Surface Library developed in-house for modeling FX volatility surfaces and yield curves based on standard market quotes.

Products and services

• MFVal — FX Volatility Surface Library Proprietary in-house C++ library (with Excel and Python interfaces) for modeling FX volatility surfaces and yield curves from standard market quotes. It interpolates and extrapolates volatilities in both space and time, respects arbitrage constraints, ensures smoothness, processes the full range of delta and moneyness conventions and supports calendar features and time-zone/event weighting. Sold as licensed software to financial institutions for use in model validation and live trading environments.
• Model Consulting Services Engagement-based consulting practice implementing and validating valuation and risk models for financial institutions. Services include model reviews and documentation, independent valuation of structured products, FX volatility surface modeling using MFVal, and guidance on best-practice and high-end solutions for pricing, hedging and risk management. Clients include banks, asset managers, insurance companies, funds, family offices and public organizations.
• Expert Witness / Conflict Resolution Services Independent expert reports, conflict resolution and expert witness services for courts and law firms, specialized in derivatives, structured products and long-term investment plans. Engagements span multiple jurisdictions including Germany, UK, Singapore, USA, Canada, Austria, Czech Republic, Netherlands, Philippines and UAE, and include quantification of losses in financial disputes.
• Derivatives Training Programs In-house and public training courses and coaching on derivatives, models and structuring, including FX Vanilla Options, FX Exotic Options, FX Advanced Vanilla Options, FX Structured Products, Numerical Methods and Machine Learning applications. Delivered by Prof. Dr. Uwe Wystup and the senior team to delegates from over 100 banks globally.

Quantifiable outcome

• Training delivered to over 100 banks globally in FX Options
• +1 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered key affiliate, strategic and regular.

• ARPMkey affiliateStrategic or Co-development PartnerARPM (Advanced Risk and Portfolio Management) is MathFinance's key affiliate for permanent education in quantitative finance. Founded by Attilio Meucci in 2010, ARPM provides education on Advanced Risk Management and Advanced Portfolio Management across the financial industry including asset management, banking, and insurance. MathFinance believes continuous education is key to staying up-to-date with quantitative finance developments.
• BCC GroupstrategicTechnology or IntegrationBCC Group is a strategic partner providing software development services including real-time messaging platforms based on Solace Middleware. The company's data offering fits seamlessly with MathFinance's FX Volatility Surface (MFVal) library, enabling integration with data feeds from different market providers including Bloomberg, Thomson Reuters, Morningstar, and others. BCC Group developed world's first Bloomberg Feed Handler with full EMRS control connected to Solace Devices.
• mex consulting GmbHregularStrategic or Co-development Partnermex consulting GmbH is a management consultancy partner for quantitative/IT-related/regulation-based services in the financial industry. Specializes in quantitative risk management, mathematical/statistical methods, and AI/machine learning technologies. Works with banks, financial service providers, and extends expertise to logistics, energy market and insurance sectors.

Scale indicators1 record

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Oliver Wyman: Oliver Wyman runs a large financial services consulting practice covering risk, treasury, and capital markets. It is a broader incumbent that competes with MathFinance on bank-side advisory mandates and quantitative finance consulting engagements.
• Finastra: Finastra (now Adenza) is one of the largest financial software providers, with a deep capital markets and risk product suite. It competes indirectly with MathFinance's software and consulting offerings as an incumbent across the full bank treasury and trading technology stack.
• Deloitte (Financial Services Advisory): Deloitte's financial services practice includes risk and regulatory advisory, model validation, and treasury consulting for global banks. It competes with MathFinance for enterprise-level model validation and risk advisory engagements, though at a vastly different scale.
• Murex: Murex is a long-established, large-scale capital markets platform for trading, risk management, and post-trade processing. While broader than MathFinance, it competes for the same bank treasury and front-office technology budgets and offers overlapping analytics capabilities.

Direct peers

• Numerix: Numerix provides quantitative analytics and cross-asset pricing/risk management software for derivatives. It directly competes with MathFinance's MFVal and quantitative model consulting franchise in the same bank front-office and model validation workflows.
• Quantifi: Quantifi offers analytics and decision-making tools for derivatives pricing and risk, with strength in fixed income and credit. It overlaps with MathFinance's structured derivatives valuation and consulting work and competes for similar bank and asset manager budgets.
• Zanders: Zanders is an independent consulting firm focused on treasury, risk, and balance sheet management for banks and corporates. It competes with MathFinance's consulting and treasury/risk advisory work for the same buy-side and corporate treasury clients.
• FINCAD: FINCAD specializes in derivatives pricing and risk analytics software used by financial institutions. It targets the same enterprise buyers as MathFinance's MFVal, particularly for valuation, risk management, and model validation use cases.
• Cassini Systems: Cassini Systems provides derivatives analytics and pricing platforms, particularly for FX and structured products. It competes head-to-head with MathFinance on FX volatility surface technology and structured-product pricing for institutional clients.

Others

• ARPM: ARPM (Advanced Risk and Portfolio Management) is MathFinance's key strategic affiliate for permanent education in quantitative finance. While not a competitor, it is part of MathFinance's adjacent ecosystem and competes with pure-play risk training providers such as BPP and Fitch Learning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MathFinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MathFinance