MillTech Raises €51M from Apax Digital to Scale Automated FX and Treasury Platform

The global foreign exchange market processes an estimated $9.6 trillion in daily trading volume, yet a significant proportion of corporate and institutional treasury operations still rely on fragmented, manual workflows that drive up costs and obscure execution quality. London-based fintech MillTech has secured €51 million ($60 million) in a minority investment from Apax Digital Funds, the growth equity arm of Apax Partners, valuing the company at €277 million ($325 million). The capital will be deployed to accelerate the platform’s expansion into North America and deepen its AI-powered treasury management capabilities.

Founded in 2019 as the technology and execution arm of Millennium Global Investments — a currency overlay specialist with more than three decades of institutional FX experience — MillTech has built a platform that consolidates the entire FX lifecycle into a single interface. Trade calculation, multi-bank execution, settlement, reporting and independent transaction cost analysis all sit under one roof, replacing the patchwork of spreadsheets, phone calls and single-bank arrangements that still dominate corporate treasury floors. The company’s agency execution model gives clients simultaneous access to competing quotes from over fifteen Tier 1 banks, delivering what independent audits have measured as cost savings exceeding fifty per cent compared with traditional custody or prime brokerage routes.

Apax Digital backs FX automation at scale

The investment from Apax Digital carries an unusual footnote: Apax Partners is itself a MillTech client, and Sir Ronald Cohen, co-founder of Apax, was an early backer of the business. That insider perspective likely informed the conviction behind the cheque. Apax Digital focuses on high-growth technology companies across fintech, software and digital services, and its portfolio includes businesses such as Paidy, Liberis and ThoughtMachine.

Eric Huttman, chief executive of MillTech, described the investment as “an endorsement of the value our platform delivers and the sheer magnitude of our long-term potential.” The company has reported sustained revenue growth of 79 per cent in 2024 and 73 per cent in 2025, with the platform now supporting approximately $500 billion in annual trading volume and managing client hedging programmes exceeding $35 billion.

The growth trajectory has been supported by product expansion. In June 2025, MillTech launched a cash management solution built in partnership with BlackRock’s CacheMatrix platform, giving treasury teams automated access to a marketplace of money-market funds alongside their FX hedging operations. More recently, the company introduced Co-Pilot, an AI-powered advisory tool that models hedging strategies and optimises cash deployment — a move that positions MillTech squarely in the emerging category of intelligent treasury automation.

European fintech and the treasury modernisation wave

MillTech’s raise reflects a broader shift in European fintech investment towards infrastructure plays that serve institutional and corporate clients rather than consumers. While retail-focused neobanks have struggled with profitability narratives, platforms addressing the $9.6 trillion daily FX market and the multi-trillion-dollar corporate treasury stack are attracting capital at healthy valuations. Competitors in the space include Kyriba, GTreasury and Bound, though MillTech differentiates through its agency execution model and the institutional credibility inherited from its Millennium Global parentage.

The North American push is strategically significant. The United States and Canada represent the largest pools of corporate treasury activity globally, and currency volatility expectations for 2026 are creating fresh demand for automated hedging solutions that can demonstrate best execution and regulatory compliance. MillTech is already authorised and regulated by the UK’s Financial Conduct Authority, registered with the US National Futures Association, and holds ISO 27001 certification — a compliance stack that removes friction from cross-border expansion.

With roughly 250 client entities, more than seventy employees across London and Boston, and a roster of awards including EuroMoney’s World’s Best FX Risk Management Solution 2024, MillTech is building the kind of enterprise credibility that converts pilot programmes into long-term contracts. The Apax capital gives it the balance sheet to accelerate that conversion across the Atlantic.

Summary

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