MillTech raises $60m to expand in North America

London-based MillTech has secured a $60 million minority investment from Apax Digital Funds, valuing the firm at $325 million, as it looks to accelerate expansion in North America and broaden its product capabilities.

The investment marks a deepening relationship between the two firms, with Apax already a client of MillTech, using its platform to support treasury and investment operations across several funds. MillTech’s ultimate holding company will retain a majority stake.

Founded in 2019 and backed early on by Sir Ronald Cohen, MillTech provides a technology platform for automating foreign exchange (FX) hedging and cash investment workflows. The company has reported rapid growth, with revenues increasing 79% in 2024 and 73% in 2025, alongside approximately $500 billion in annual trading volume and more than $35 billion in client hedging programmes.

The funding comes amid rising demand for automated treasury solutions as firms grapple with increasing currency volatility and operational inefficiencies. Despite FX being the world’s largest financial market reaching an estimated $9.6 trillion in daily turnover in 2025 many organisations continue to rely on fragmented, manual processes. According to MillTech, 80% of companies experienced losses from unhedged currency exposure in 2025, with US firms losing an average of $9.8 million.

MillTech’s platform integrates trade calculation, execution, settlement, reporting and transaction cost analysis into a single system, providing access to the wholesale multi-bank FX market through its agency ISDA network. The company positions its model as an alternative to traditional custody, prime brokerage and single-bank arrangements, claiming it can reduce costs by more than 50% on average.

The new capital will be used to support geographic expansion, particularly in North America, and to enhance product development. Recent additions include a cash management solution developed in collaboration with BlackRock’s CacheMatrix platform, aimed at improving returns on idle cash, and “Co-Pilot”, an AI-enabled risk advisory tool designed to automate hedging strategies and optimise treasury decisions.

The deal underscores a broader trend in FinTech investment, where institutional investors are backing infrastructure platforms that address inefficiencies in capital markets operations. As treasury functions become increasingly strategic, demand for integrated, data-driven solutions is expected to continue rising.