MillTech, a risk management platform specialising in next-generation FX hedging and cash investments for fund managers and corporates, has secured a $60m minority investment from the Apax Digital Funds, the growth equity arm of Apax Partners LLP, valuing the company at $325m.
The deal sees MillTech’s ultimate group holding company retain its majority shareholding.
Apax is also an existing MillTech client, deploying the platform across a number of its funds to support investment operations. Sir Ronald Cohen, co-founder of Apax, was an early backer of MillTech.
The capital will be used to accelerate MillTech’s North American expansion and further develop its treasury management capabilities. The firm has reported approximately $500bn in annual trading volume, supporting client hedging programmes totalling over $35bn. Revenue growth reached 79% in 2024, followed by 73% in 2025.
Founded in 2019 and rooted in over three decades of currency management expertise inherited from Millennium Global Investments, MillTech has built a unified platform that brings together the full lifecycle of FX operations — from trade calculation and execution through to settlement, reporting and transaction cost analysis.
The company connects clients directly to the wholesale multi-bank market through its agency ISDA network, a model it says typically cuts costs by more than half when compared to custody, prime brokerage or single-bank alternatives. Crucially, MillTech sits outside the counterparty banking structure, while still integrating with the systems clients already use, spanning bank accounts, fund administrators and portfolio and treasury management platforms.
MillTech CEO Eric Huttman said, “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.”
Apax Digital managing director Marc Henckel said, “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.”
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