MillTech, a London-based platform focused on FX hedging and cash investment workflows, has secured a €51 mn minority investment from Apax Digital Funds.
The deal values the company at €277 mn, with its parent group retaining majority ownership. Apax, already a client of MillTech, has now taken an equity position.
Chief executive Eric Huttman said the move reflects confidence in the platform and supports the next growth phase, including expansion into North America.
The UK continues to stand out in this category, with several London-based platforms scaling in parallel. According to Beinsure analysts, the cluster reflects sustained demand for infrastructure that improves execution, control and pricing across financial operations.
Marc Henckel, managing director at Apax Digital, said MillTech enables clients to automate treasury workflows with stronger controls and transparency. He said aggregating volumes across multiple banks improves pricing and execution efficiency.
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 at Apax Digital
Founded in 2019, MillTech integrates trade calculation, execution, settlement, reporting and transaction cost analysis into a single system. The platform connects clients directly to the wholesale multi-bank FX market through an agency ISDA network.
The company says it delivers average cost savings above 50% compared with traditional custody, prime brokerage or single-bank setups. It operates independently from counterparty banks while maintaining connectivity with existing client systems, including bank accounts, fund administrators and treasury platforms.
MillTech builds on more than 30 years of currency management experience from Millennium Global Investments. Early backing included Apax co-founder Sir Ronald Cohen.
Recent product expansion includes cash management developed with BlackRock’s CacheMatrix. The feature automates cash investment workflows and aims to improve returns on idle balances.
The company has also launched Co-Pilot, an AI-enabled risk advisory tool. It supports automated trade calculation, FX hedging strategy modelling, interest rate analysis and cash allocation decisions.
Mark Beith, partner at Apax Digital, said FX hedging often reduces performance without clear visibility. He said MillTech addresses that issue, pointing to strong client feedback and the platform’s ability to scale globally.
Foreign exchange remains the largest financial market, with daily turnover reaching €8.2 tn in 2025. Despite that scale, many organisations still manage FX exposure through fragmented systems and manual processes.
MillTech said a recent survey found that 80% of companies experienced losses from unhedged currency exposure in 2025. US firms reported average losses of €8.3 mn. With currency volatility rising again in early 2026, demand is increasing for systems that improve governance and execution discipline.
The company reported 79% revenue growth in 2024 and 73% in 2025. Annual trading volume reached about €427 bn, supporting client hedging programmes totalling more than €29 bn.
