MillTech Secures $60M to Tackle Corporate FX Risk with AI

LONDON – April 09, 2026 – MillTech, a financial technology firm specializing in foreign exchange (FX) hedging and treasury solutions, has secured a $60 million minority investment from Apax Digital Funds. The deal, which values the company at $325 million, is earmarked to fuel its expansion into North America and further develop its AI-driven platform.

The investment from the growth equity arm of Apax Partners highlights a growing appetite for technology that can navigate the complexities of the global currency markets. MillTech, which has seen its revenue grow by over 70% for two consecutive years, is positioning itself as a critical tool for fund managers and corporations grappling with currency volatility and outdated operational workflows.

The Multi-Billion-Dollar Problem of Currency Exposure

The foreign exchange market, with a staggering daily turnover of $9.6 trillion in 2025, remains a landscape fraught with hidden costs and operational risks. Against a backdrop of renewed currency volatility in early 2026, many organizations are discovering the significant financial impact of unhedged exposure.

A recent survey conducted by MillTech underscored the scale of the issue, revealing that eight out of ten companies suffered losses from unhedged currency risk in 2025. For U.S. firms, the average loss was a substantial $9.8 million, pointing to a multi-billion-dollar problem across corporate America that demands a more sophisticated approach.

This financial drain is often compounded by antiquated internal processes. Many corporate treasuries and fund managers still rely on manual workflows, fragmented systems, and single-bank relationships to manage their FX needs. This not only limits transparency but also makes demonstrating best execution—a key fiduciary and regulatory requirement—exceedingly difficult. Furthermore, research shows that nearly all fund managers experienced dramatic increases in hedging costs last year, with the average cost jumping by 57%, creating a significant drag on performance.

A Tech-Driven Overhaul of Treasury Operations

MillTech aims to solve these long-standing challenges by delivering an integrated platform that automates the entire FX lifecycle. Founded in 2019 and drawing on a 30-year currency management heritage from its affiliate, Millennium Global Investments, the firm combines deep financial expertise with purpose-built technology.

The platform centralizes trade calculation, execution, settlement, and reporting into a single, automated workflow. By providing direct access to a multi-bank panel of up to 15 Tier-1 institutions, MillTech enables clients to receive competing quotes in real-time, a practice that it claims can generate cost savings of over 50% compared to traditional prime brokerage or single-bank setups. This model of aggregating volume and forcing competition was once a privilege reserved for only the largest financial institutions.

"I am thrilled to be broadening our partnership with Apax from a client to an investor," said Eric Huttman, CEO of MillTech. "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... as we continue to deliver industry-defining treasury solutions by combining purpose-built technology with our unique fiduciary DNA.”

Recent enhancements to the platform signal the company's ambitious technology roadmap. MillTech recently launched Co-Pilot, an AI-enabled advisory tool that helps clients model hedging strategies, assess interest rate differentials, and optimize trade calculations. The firm also collaborated with BlackRock's CacheMatrix to introduce a cash management solution, allowing clients to automate workflows and improve returns on idle cash balances by accessing a marketplace of money market funds.

Apax Digital's Strategic Bet on Fintech Infrastructure

The $60 million investment is a significant vote of confidence from Apax Digital, which has a track record of backing high-growth enterprise software companies. Crucially, Apax is not just an investor but also a client, using MillTech's platform across several of its own funds to manage treasury operations—a powerful testament to the product's efficacy.

"MillTech is a disruptive platform that enables clients, including Apax, to automate and scale core treasury workflows with stronger controls and transparency," commented Marc Henckel, Managing Director at Apax Digital. "By aggregating volumes across a high-quality bank panel, it sharpens pricing and improves FX efficiency.”

The move aligns with a broader investment thesis focused on infrastructure platforms that address systemic inefficiencies in capital markets. For Apax, MillTech represents a solution to a problem that many in the financial world have simply accepted as a cost of doing business.

Mark Beith, a Partner at Apax Digital, added, “FX hedging is too often an invisible drag on performance. MillTech fixes that – and the strength of customer feedback we've had is remarkable. We are thrilled to partner with Eric and the team to bring this AI-enhanced platform to a much larger global audience.”

Targeting the Ripe North American Market

A key objective for the new funding is to accelerate MillTech's expansion across North America, a market ripe for treasury transformation. Demand for sophisticated FX solutions is already high, with recent studies showing 85% of North American fund managers and 91% of corporates were actively hedging their currency risk in 2025.

This trend is driven by both necessity and opportunity. Politically driven volatility in the U.S. dollar has caused significant concern, with over a third of fund managers reporting losses from unhedged risk. Consequently, a large majority—78% of fund managers—are actively exploring new technology platforms to automate their FX operations. The North American treasury management market is the largest in the world and is projected to grow from approximately $5.1 billion in 2024 to nearly $15 billion by 2032.

MillTech's offering appears tailor-made to address the top challenges cited by North American firms, which include demonstrating best execution, dealing with fragmented service providers, and overcoming manual processes. By providing a transparent, multi-bank, and automated solution, the company is poised to capture significant market share as firms move away from less efficient, traditional methods. The firm is already regulated in the U.S. by the National Futures Association (NFA), paving the way for its planned expansion.

With this new capital and a powerful strategic partner, MillTech is set to intensify its efforts to redefine how businesses manage one of finance's most fundamental and complex risks. The firm's blend of advanced technology and institutional-grade expertise provides a compelling answer to the costly inefficiencies that have long plagued corporate and fund treasury departments.