Apax Digital Funds Invest €51 Million In MillTech At €277M Valuation

The funding comes from Apax Digital Funds, valuing the company at €277 million ($325 million). MillTech’s parent holding company will retain a majority stake.

MillTech, founded in 2019, provides an automated platform for FX hedging and cash investment operations, combining trade calculation, execution, settlement, reporting, and transaction cost analysis into a single solution.

Built on over 30 years of currency management expertise from Millennium Global Investments the platform offers direct access to wholesale multi bank markets and delivers significant cost savings compared to traditional models. It operates independently from counterparty banks while integrating with existing client systems.

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Backed early by Sir Ronald Cohen, MillTech has expanded its offerings to include cash management in collaboration with BlackRock’s CacheMatrix. It has also launched Co-Pilot, an AI-powered risk advisory tool that helps clients automate trades, model FX strategies, and optimise cash deployment.

Foreign exchange (FX) is the world’s largest and most liquid financial market, with average daily turnover reaching €8.2 trillion ($9.6 trillion) in 2025.

MillTech notes that many organisations still manage FX risk manually using fragmented systems with limited transparency. A recent survey found that 80% of companies experienced losses from unhedged currency exposure in 2025, with US firms losing an average of €8.3 million ($9.8 million).

Amid rising currency volatility in 2026, demand is growing for technology-driven solutions that improve governance, execution, and control across treasury operations.

MillTech reported strong growth, with revenue increasing 79% in 2024 and 73% in 2025. The platform supports approximately €427 billion ($500 billion) in annual trading volume and client hedging programmes exceeding €29 billion ($35 billion).

The latest investment will help accelerate expansion in North America and further enhance its treasury management capabilities. Apax is also a client, using the platform across several of its funds.

Eric Huttman, CEO of MillTech, commented: “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.”

Marc Henckel, Managing Director at Apax Digital, adds “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.”