MillTech Gets $60 Million Investment

FX hedging technology provider MillTech says it has added a $60 million investment in the business from Apax Digital Partners, which values the firm at $325 million.

The firm says it saw 79% revenue growth in 2024 and 73% in 2025, and saw approximately $500 billion in annual trading volume, or around $2 billion per day. It adds the investment will support its 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.

MillTech has long been an advocate for currency hedging, and cites its recent report which found that 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, it adds.

The firm is in the midst of a product expansion push, which has included a cash management solution, 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. 

Everyone involved is suitably thrilled at the investment, Mark Beith, partner at Apax Digital, also says, “FX hedging is too often an invisible drag on performance. MillTech fixes that – and the strength of customer feedback we’ve had is remarkable.”

His colleague, Marc Henckel, managing director at Apax Digital, adds, “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.”