MillTech Raises €51M for FX Hedging Platform Expansion

London-based FinTech innovator, MillTech, has successfully closed a significant minority investment round, securing €51 million (approximately $60 million USD). The capital injection, led by Apax Digital Funds, the growth equity division of Apax Partners LLP, propels the company's valuation to €277 million (around $325 million USD). This strategic funding underscores the growing demand for advanced treasury solutions in an increasingly volatile global currency market.

The investment from Apax Digital Funds, a prominent player in technology growth capital, signals strong confidence in MillTech's disruptive approach to foreign exchange hedging and cash investment management. Eric Huttman, CEO of MillTech, expressed enthusiasm for deepening the relationship with Apax, transitioning from a client to a strategic investor. He highlighted the funding's role in enabling the company's next growth phase, including a crucial expansion into North America, and reinforcing its commitment to delivering industry-leading treasury technology.

MillTech's platform, established in 2019, consolidates FX hedging and investment operations into a unified technological solution. It integrates trade calculation, execution, settlement, reporting, and transaction cost analysis, drawing on the extensive currency management heritage of Millennium Global Investments. The firm facilitates direct access to a wholesale multi-bank market through its agency ISDA network, reportedly achieving over 50% cost savings compared to conventional methods like custody or prime brokerage services.

This funding round occurs amidst a dynamic period for European FinTech focused on treasury, payments, and risk management. Recent comparable deals include Bound's €20.7 million for FX risk management, Coremont's €34 million for its analytics platform, Spiko's €18.9 million for treasury yield access, Sokin's €83 million for payment platform scaling, Mondu's €100 million facility for B2B payments, and Taktile's €51.5 million for AI in financial risk. These collective investments, exceeding €359 million, illustrate substantial capital flow into this critical financial infrastructure segment.

Marc Henckel, Managing Director at Apax Digital, commented on the strategic fit, noting MillTech's ability to automate and scale treasury workflows with enhanced controls and transparency. He specifically pointed to the platform's aggregation of volumes across a high-quality bank panel, which sharpens pricing and boosts FX efficiency. The recent introduction of AI-enabled features, such as the Co-Pilot advisory solution, further enhances MillTech's offering by automating trade calculation, modeling hedging strategies, and optimizing cash deployment.

The urgency for such solutions is amplified by the sheer scale of the FX market, with daily global turnover reaching approximately $9.6 trillion USD. Despite this, many organizations still grapple with manual, fragmented FX risk management processes, leading to significant financial losses. A recent survey indicated that a substantial majority of companies experienced losses from unhedged currency exposure, with US firms averaging $9.8 million USD. Against a backdrop of renewed currency volatility, MillTech's technology-driven approach, which promises strengthened governance and execution discipline, is well-positioned to capture increasing market demand.

MillTech has demonstrated robust growth, reporting 79% revenue expansion in 2024 and 73% in 2025. The company currently facilitates approximately $500 billion USD in annual trading volume, supporting client hedging programs valued at over $35 billion USD. This new capital will be instrumental in accelerating MillTech's international expansion, particularly in North America, and further developing its innovative product suite.