Apax Digital Funds Invests $60 Million in MillTech to Drive North American Expansion

Strategic Growth and AI Innovation

MillTech, a London-based fintech specializing in risk management and treasury solutions, has successfully closed a $60 million minority investment. The funding round was led by Apax Digital Funds, the growth equity arm of Apax Partners. This capital injection values the company at $325 million and aims to catalyze its strategic push into the North American market. Further details can be found on the official announcement page.

Founded in 2019, MillTech provides fund managers and corporate treasurers with institutional-grade FX execution and hedging services. The platform offers a unified solution for trade calculation, settlement, and transaction cost analysis. It currently handles approximately $500 billion in annual trading volume while supporting client hedging programs worth over $35 billion. The company continues to draw on its heritage from Millennium Global Investments to deliver fiduciary-grade service.

Many organizations still rely on manual processes and legacy systems to manage currency risk, leading to significant financial losses. MillTech addresses these inefficiencies by providing direct access to the wholesale multi-bank market via an agency model. This approach often results in cost savings of over 50 percent compared to traditional banking arrangements. You can learn more about their approach on the MillTech website.

At the core of its technological evolution is Co-Pilot, an AI-enabled risk advisory solution designed to optimize treasury workflows. This tool allows clients to automate complex trade calculations and model various FX hedging strategies in real time. It also assesses interest rate differentials to ensure that cash deployment is as efficient as possible. This AI integration aims to provide institutional standards of governance and control.

The fresh capital will be used to enhance these AI capabilities and expand the firm's footprint in the United States and Canada. CEO Eric Huttman noted that the partnership with Apax, which is also a client of the platform, validates the firm's potential. MillTech aims to solve the multi-billion dollar problem of unhedged currency exposure facing North American firms today.