London-based MillTech is accelerating its push into the North American market, backed by a $60 million minority investment from Apax Digital Funds. The deal, which values the risk management platform at $325 million, marks a significant deepening of the relationship between the two firms; Apax is already a client of MillTech, utilizing the platform to manage FX hedging across its global funds.
MillTech has seen rapid adoption of its automated treasury solutions, reporting revenue growth of over 70% for two consecutive years. The platform currently handles approximately $500 billion in annual trading volume, offering an integrated alternative to the manual, fragmented processes that dominate the $9.6 trillion daily FX market.
Beyond its core hedging technology, MillTech has recently expanded its suite through a partnership with BlackRock’s CacheMatrix to automate cash investment workflows. The firm also recently debuted Co-Pilot, an AI-driven risk advisory tool designed to optimize cash deployment and model hedging strategies in volatile markets.
"This partnership supports our next phase of growth, including our planned North American expansion," said MillTech CEO Eric Huttman. "We continue to deliver industry-defining treasury solutions by combining purpose-built technology with our unique fiduciary DNA.”
