Key Takeaways
- • Apax Partners' growth equity arm, Apax Digital Funds, has acquired a minority stake in MillTech for $60 million, valuing the FX platform at $325 million post-investment.
- • MillTech reported 73% revenue growth in 2025 and manages $500 billion in annual trading volume with $35 billion in client hedging programs across institutional investors.
- • The investment will fund MillTech's planned expansion into North America and enhance treasury management capabilities, leveraging Apax's existing client relationship with the platform.
- • MillTech's product suite includes an automated cash management solution launched in collaboration with BlackRock's CacheMatrix and an AI-powered risk advisory co-pilot that automates trade calculations and FX hedging strategy modeling.
- • Majority ownership remains with Millennium Global Investments (MillTech's London-based parent), with private equity veteran and Apax co-founder Ronald Cohen among existing shareholders.
Summary
Apax Digital Funds has completed a minority investment in MillTech, a London-headquartered institutional FX execution and treasury management platform, for $60 million at a $325 million valuation. The investment marks an expansion of an existing relationship—Apax is already a client of MillTech and uses the platform across multiple funds to support investment operations. According to MillTech CEO Eric Huttman, the capital infusion represents a natural progression from client to investor partnership and will support the company's next phase of growth.
MillTech provides direct access to multi-bank liquidity and automated FX hedging workflows for institutional clients. The platform currently processes $500 billion in annual trading volume and manages $35 billion in client hedging programs. The company demonstrated strong operational momentum, delivering 73% revenue growth in 2025 and claiming to deliver 50% or greater cost savings compared to traditional FX hedging and treasury arrangements. This growth trajectory reflects increasing demand from corporates and institutional investors seeking to automate and scale core treasury workflows while maintaining stronger governance and execution transparency.
The fresh capital will accelerate MillTech's expansion into North America, a strategic priority for the firm. The company has also signaled plans to enhance its treasury management capabilities, building on recent product innovations. Last June, MillTech launched an automated cash management solution developed in collaboration with BlackRock's CacheMatrix platform. Simultaneously, the company debuted an AI-powered risk advisory co-pilot capable of automating trade calculations, modeling FX hedging strategies, and assessing interest rate differentials—positioning the platform to compete in an increasingly technology-driven institutional treasury market.
MillTech's previous major funding round occurred in June 2021, when VCM Global Asset Management invested $30 million. Majority ownership remains with Millennium Global Investments, the company's heritage parent, while Ronald Cohen, a private equity veteran and Apax co-founder, holds a shareholder position. Apax Digital Funds' involvement signals conviction in the institutional FX and treasury management sector and leverages Apax's existing operational relationship with the platform to accelerate market penetration and product development.
MillTech provides direct access to multi-bank liquidity and automated FX hedging workflows for institutional clients. The platform currently processes $500 billion in annual trading volume and manages $35 billion in client hedging programs. The company demonstrated strong operational momentum, delivering 73% revenue growth in 2025 and claiming to deliver 50% or greater cost savings compared to traditional FX hedging and treasury arrangements. This growth trajectory reflects increasing demand from corporates and institutional investors seeking to automate and scale core treasury workflows while maintaining stronger governance and execution transparency.
The fresh capital will accelerate MillTech's expansion into North America, a strategic priority for the firm. The company has also signaled plans to enhance its treasury management capabilities, building on recent product innovations. Last June, MillTech launched an automated cash management solution developed in collaboration with BlackRock's CacheMatrix platform. Simultaneously, the company debuted an AI-powered risk advisory co-pilot capable of automating trade calculations, modeling FX hedging strategies, and assessing interest rate differentials—positioning the platform to compete in an increasingly technology-driven institutional treasury market.
MillTech's previous major funding round occurred in June 2021, when VCM Global Asset Management invested $30 million. Majority ownership remains with Millennium Global Investments, the company's heritage parent, while Ronald Cohen, a private equity veteran and Apax co-founder, holds a shareholder position. Apax Digital Funds' involvement signals conviction in the institutional FX and treasury management sector and leverages Apax's existing operational relationship with the platform to accelerate market penetration and product development.
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