MillTech announced a $60 million minority investment from Apax Digital Funds, valuing the company at $325 million.
The investment will support MillTech’s next phase of growth, including expansion into North America and continued enhancement of its treasury and risk management platform. MillTech provides next-generation FX hedging and cash investment solutions for fund managers and corporates, aiming to automate complex workflows and improve transparency across financial operations.
Founded in 2019, MillTech has experienced rapid growth, reporting 79% revenue growth in 2024 and 73% in 2025. The platform supports approximately $500 billion in annual trading volume and more than $35 billion in client hedging programs, reflecting strong demand for technology-driven solutions in the foreign exchange market.
The company addresses inefficiencies in FX risk management, where many organizations still rely on manual processes and fragmented systems. With global FX markets reaching $9.6 trillion in daily trading volume, MillTech’s platform aims to help institutions reduce losses from unhedged currency exposure while improving governance, execution discipline, and operational control.
MillTech’s platform integrates trade calculation, execution, settlement, reporting, and transaction cost analysis into a single solution, delivering cost savings and improved execution through direct access to multi-bank liquidity. The company operates independently from counterparty banks while maintaining connectivity across client systems, including bank accounts, fund administrators, and treasury platforms.
Recent product developments include a cash management solution built in collaboration with BlackRock’s CacheMatrix, as well as Co-Pilot, an AI-enabled risk advisory tool designed to automate hedging strategies and optimize cash deployment.
Apax, which is also a client of MillTech, plans to support the company’s global expansion and continued innovation in AI-driven treasury solutions. The investment reflects increasing demand for platforms that bring automation, transparency, and efficiency to foreign exchange and cash management operations.
KEY QUOTES:
“I am thrilled to be broadening our partnership with Apax from a client to an investor. The investment is a strong endorsement of the value our platform delivers and the sheer magnitude of our long-term potential. This partnership supports our next phase of growth, including our planned North American expansion, as we continue to deliver industry-defining treasury solutions by combining purpose-built technology with our unique fiduciary DNA.”
Eric Huttman, CEO, MillTech
“MillTech is a disruptive platform that enables clients, including Apax, to automate and scale core treasury workflows with stronger controls and transparency. By aggregating volumes across a high-quality bank panel, it sharpens pricing and improves FX efficiency.”
Marc Henckel, Managing Director, Apax Digital
“FX hedging is too often an invisible drag on performance. MillTech fixes that, and the strength of customer feedback we’ve had is remarkable. We are thrilled to partner with Eric and the team to bring this AI-enhanced platform to a much larger global audience.”
Mark Beith, Partner, Apax Digital
