MillTech to automate FX hedging with AI and expand into North America
This article covers MillTech, a fintech startup, which has raised £45.1m ($60m) in a growth funding round from Apax Digital Funds, valuing the startup at £244.1m ($325m). The minority investment will fund expansion in North America and further development of its treasury and FX hedging platform, supporting funds and corporates with automated currency and cash management tools.
MillTech, a fintech startup, has raised £45.1m ($60m) in a growth funding round from Apax Digital Funds, valuing the company at £244.1m ($325m). The minority investment will bankroll faster expansion in North America and further development of its treasury and FX hedging platform, at a time when demand for automated currency and cash management tools is rising.
Why it matters
MillTech operates in the heart of a market that many companies still manage manually. The firm reports roughly £375.5bn ($500bn) in annual trading volume on its platform, supports client hedging programmes totalling about £26.3bn ($35bn), and posted 79% revenue growth in 2024 and 73% in 2025. Those numbers signal strong commercial traction for a product that aims to reduce the operational and financial drag of currency exposure for funds and corporates.
The deal also underscores growing investor appetite for solutions that embed governance and automation into treasury operations. The foreign exchange market remains vast and volatile; MillTech says a recent survey found eight in ten companies experienced losses from unhedged currency exposure in 2025, with US firms losing an average of £7.4m ($9.8m). That dynamic helps explain why technology-led treasury platforms are attracting capital.
Inside the product
Founded in 2019, MillTech automates FX hedging and cash investment workflows by integrating trade calculation, execution, settlement, reporting and transaction cost analysis into a single platform. It provides direct access to the wholesale multi-bank market via an agency ISDA network, and the company says its approach typically delivers more than 50% cost savings versus traditional custody, prime brokerage or single-bank arrangements.
Recent product additions include a cash management capability developed with BlackRock’s CacheMatrix to automate cash investment workflows and improve returns on idle balances. MillTech has also launched Co-Pilot, an AI-enabled risk advisory tool that automates trade calculation, models hedging strategies, assesses interest rate differentials and helps optimise cash deployment. The platform is designed to sit alongside clients’ existing banks, fund administrators and treasury systems rather than replace them.
In the announcement, Eric Huttman, CEO of MillTech, said:
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.
Who are the investors?
Apax Digital Funds, the growth equity arm of Apax Partners LLP, has taken a minority stake in MillTech while the company’s ultimate group holding retains majority ownership. Apax is also an existing MillTech client and has deployed the platform across several of its funds, an operational tie that appears to have informed the investment decision.
Apax’s public rationale centres on MillTech’s ability to aggregate volume across a high-quality bank panel to sharpen pricing and improve FX efficiency for institutional clients. Sir Ronald Cohen, co-founder of Apax, was an early backer of MillTech, adding a historical connection between the firm and the investor group.
In the announcement, Marc Henckel, Managing Director at Apax Digital, said:
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.
In the announcement, Mark Beith, Partner at Apax Digital, said:
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.
If you're researching potential backers in this space:
- Explore our list of fintech venture capital firms in the UK
- Browse our directory of fintech angel investors in the UK
Founder perspective
CEO Eric Huttman frames the round as a deepening of an existing client relationship and a vote of confidence in MillTech’s roadmap. The capital is earmarked for scaling sales and operations in North America and enhancing product features that target governance, TCA and AI-driven advisory for treasury teams. The company’s claims of sustained high revenue growth and heavy trading volume will be tested as it pushes into larger markets where incumbents and banks remain influential.
The bigger picture
The investment is part of a broader trend of venture and growth capital flowing into fintech infrastructure that addresses treasury, payments and risk workflows. For UK fintech investors, the deal highlights appetite for companies that can reduce costs and improve control for institutional clients. Partnerships with firms such as BlackRock and client relationships with private equity groups like Apax add distribution and credibility that can speed international expansion.
As MillTech scales, the round also demonstrates a model some fintech companies follow: commercial validation as a client before converting that relationship into strategic capital. That intersection of customer traction and investor backing is likely to remain important for treasury tech businesses seeking to expand from the UK into North America and beyond.
They've invested in MillTech
Get to know these fintech investors
Click here for a full list of 7,526+ startup investors in the UK