Apax Digital Funds invest $60 million in MillTech to fuel North American expansion

• Investment to accelerate expansion in North America and enhance product offering

• Values MillTech at $325m

• MillTech reports c.$500bn annual trading volume, $35bn in client programmes and 70%+ revenue growth

LONDON, April 09, 2026 (GLOBE NEWSWIRE) — MillTech, a leading risk management platform which provides next-gen FX hedging and cash investments for fund managers and corporates, today announced a $60 million minority investment from the Apax Digital Funds, the growth equity arm of Apax Partners LLP (“Apax”), valuing MillTech at $325 million. MillTech’s ultimate group holding company retains its majority shareholding.

MillTech is scaling rapidly, delivering 79% revenue growth in 2024 and 73% in 2025. The firm has proceeds of approximately $500 billion in annual trading volume, supporting client hedging programmes totalling over $35bn.

The investment will support MillTech’s next phase of growth, accelerating its expansion across North America while further enhancing its advanced treasury management capabilities. Apax is also a MillTech client, deploying the platform’s capabilities across a number of its funds to support investment operations.

FX is the world’s largest and most liquid financial market, with average daily global turnover reaching $9.6 trillion in 2025¹. However, many organisations continue to manage FX risk manually through fragmented processes and systems with limited transparency. A recent MillTech survey found that eight in ten companies experienced losses from unhedged currency exposure in 2025. On average, US firms lost $9.8 million, a figure that, when extrapolated across corporate America, underscores a multi-billion-dollar problem requiring urgent action. Against a backdrop of renewed currency volatility in early 2026, demand is increasing for technology-enabled solutions that strengthen governance, enhance execution discipline and embed greater control across treasury operations.

Founded in 2019, MIllTech automates FX hedging and investment operations by combining trade calculation, execution, settlement, reporting and transaction cost analysis (TCA) into a single technology solution. The firm, drawing on more than 30 years of currency management heritage from Millennium Global Investments, delivers direct access to the wholesale multi-bank market via its agency ISDA network and, on average, delivers 50%+ cost savings compared to traditional custody, prime brokerage, or single-bank arrangements.

MillTech operates independently from counterparty banks while ensuring connectivity across its clients’ existing service providers, including bank accounts, fund administrators and portfolio/treasury management systems, to deliver institutional standards of transparency and governance. Sir Ronald Cohen, co-founder of Apax, was an early backer of MillTech.

Recent product expansion includes cash management, developed in collaboration with BlackRock’s CacheMatrix, that helps firms automate cash investment workflows and improve returns on cash balances. MillTech also launched Co-Pilot, an AI-enabled risk advisory solution that enables clients to automate trade calculation, model FX hedging strategies, assess interest rate differentials and optimise cash deployment.

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, commented: “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.”

Mark Beith, Partner at Apax Digital, commented: “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. “

About MillTech

MillTech provides advanced FX and cash management solutions to increase market access, reduce costs and automate manual workflows.

With a focus on automation, integration and connectivity, MillTech has pioneered an independent risk management and liquidity solution for fund managers, institutions and global corporates, which is purpose-built to deliver best execution at scale.

MillTech provides an end-to-end operational workflow that enables automation, standardisation and cost transparency on all FX transactions and cash movements.

Its secure platform centralises all client FX to enhance oversight whilst increasing control, all at no additional cost. It offers quick onboarding routes, multi-bank best execution and hedging management services.

Headquartered in London, the world’s largest FX hub, MillTech provides services to clients in the United Kingdom, United States, Canada, Switzerland, Belgium, Denmark, Ireland, Luxembourg, Norway and Liechtenstein. MillTech is authorised and regulated by the UK’s Financial Conduct Authority (FCA FRN 911636) and registered with the USA’s National Futures Association (NFA).

About Apax Digital

The Apax Digital Funds specialise in growth equity and buyout investments in high-growth enterprise software, data & analytics, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax’s deep tech investing expertise, global platform, and specialised operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of nearly $80 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Media contact
MillTech contact:
Chatsworth 
MillTech@chatsworthcommunications.com

Apax contact:
Katarina Sallerfors
katarina.sallerfors@apax.com

Important disclosures

MillTech is the trading name of Millennium Global Treasury Services Holdings Limited (“MGTSH”), Millennium Global Treasury Services Limited (“MGTS”), MillTechFX Americas Inc (“MTA”), Millennium Global Investments Limited (MGIL) and Millennium Global (Switzerland) GmbH (“MGS”). MGTS is authorised and regulated by the Financial Conduct Authority (FRN 911636) and is a company registered in England and Wales with company number 11790385. MGIL is authorised and regulated by the Financial Conduct Authority (FRN 171039). MGIL is a company registered in England and Wales with company number 02964847. The registered address of MGTS and MGIL is 88 Wood Street, London, EC2V 7QR, United Kingdom. MTA is registered with the National Futures Association as a Commodity Trading Advisor (NFA ID: 0545635). MGS is a company registered in Switzerland with company number CHE 382.000.002. Registered address: Poststrasse 30, 6300, Zug. This document, including the information provided herein, is provided for information purposes only and does not constitute an invitation or offer to subscribe to or purchase any of the products or services mentioned.

The information contained is intended for Professional Clients only. MillTech does not target retail clients, as the products offered by MillTech are not suitable for or made available to retail clients.

The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should consult your investment, tax, legal, accounting or other advisors. Capital at risk. The value of investments can fall as well as rise.

The views expressed by individuals are their own and not those of the firm. There can be no assurance that professionals currently employed by MillTech will continue to be employed by MillTech.

¹
https://www.bis.org/press/p250930.htm

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