MillTech, a financial technology platform specializing in foreign exchange hedging and cash investment solutions, has raised €51 million in a minority investment led by Apax Digital Funds.
The transaction values the company at €277 million, with its parent holding company retaining a majority stake. The funding reflects growing demand for automated treasury infrastructure as organisations seek greater control over currency risk and liquidity management.
What The Company Does
Founded in 2019, MillTech provides an integrated platform designed to streamline foreign exchange hedging and cash investment operations. Its system consolidates multiple treasury functions, including trade calculation, execution, settlement, reporting, and transaction cost analysis, into a single interface.
The platform is built on more than three decades of currency management expertise from Millennium Global Investments. It offers direct access to wholesale multi-bank markets while remaining independent from counterparty banks. This structure allows clients to improve pricing transparency and reduce reliance on traditional banking intermediaries, while still integrating with existing internal systems.
MillTech has also expanded its product offering beyond FX hedging. In collaboration with BlackRock’s CacheMatrix, the company introduced cash management capabilities, alongside the launch of Co-Pilot, an AI-driven advisory tool designed to automate trade execution, model FX strategies, and optimise cash allocation decisions.
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Market Context / Industry Background
Foreign exchange remains the largest and most liquid financial market globally, with average daily trading volumes reaching approximately €8.2 trillion in 2025. Despite this unprecedented global financial scale, many organisations continue to manage currency exposure through fragmented systems and manual workflows.
MillTech highlights that inefficiencies in treasury operations remain widespread. A recent survey found that 80 percent of companies experienced losses due to unhedged currency exposure in 2025, with US firms reporting average losses of €8.3 million annually. These figures point to persistent gaps in risk management infrastructure.
As currency volatility continues into 2026, there is increasing demand for technology-driven platforms that improve governance, execution efficiency, and transparency across treasury functions. Solutions that consolidate workflows and provide real-time insights are becoming increasingly central to modern financial operations.
Founder / Investor Commentary
Eric Huttman, CEO of MillTech, described the investment as an extension of an existing relationship, noting that Apax transitions from a client to a strategic investor. He stated that the funding reflects confidence in the platform’s long-term trajectory and its ability to deliver scalable treasury solutions. He added that the partnership will support the company’s next phase of growth, particularly its planned expansion into North America.
Marc Henckel, Managing Director at Apax Digital, emphasised the operational benefits of the platform, stating that MillTech enables clients to automate and scale treasury workflows while improving transparency and control. He also pointed to the platform’s ability to aggregate trading volumes across a network of banks, which enhances pricing efficiency in foreign exchange transactions.
Growth Plans / Use Of Funds
MillTech has reported sustained growth, with revenue increasing by 79 percent in 2024 and 73 percent in 2025. The platform currently supports approximately €427 billion in annual trading volume and manages client hedging programmes exceeding €29 billion.
The newly raised capital will be used to accelerate the company’s expansion into North America, a key strategic market for treasury technology adoption. In parallel, MillTech plans to continue developing its platform capabilities, with a focus on enhancing automation, analytics, and integrated cash management solutions.
About MillTech
MillTech is a financial technology company providing automated FX hedging and cash investment solutions. Founded in 2019 and headquartered in London, the company focuses on modernising treasury operations through integrated technology platforms. Its core offering combines execution, analytics, and risk management tools to improve efficiency and transparency in currency and liquidity management.
