MillTech, a risk management platform startup, has raised £45 million in funding from Apax Digital Funds, valuing MillTech at £240 million. It provides next-generation FX hedging and cash investment solutions for fund managers and corporates. The investment will support its next phase of growth, including expansion across North America and further development of treasury management capabilities.
FX is the world’s largest and most liquid financial market, with average daily global turnover reaching $9.6 trillion in 2025. Many organisations continue to manage FX risk manually through fragmented processes with limited transparency, and a MillTech survey found that eight in ten companies experienced losses from unhedged currency exposure in 2025. The platform automates FX hedging and investment operations by combining trade calculation, execution, settlement, reporting and transaction cost analysis into a single system, helping organisations improve governance, execution discipline and control.
Founded in 2019, it delivers direct access to the wholesale multi-bank market via its agency ISDA network and, on average, delivers more than 50% cost savings compared to traditional custody, prime brokerage, or single-bank arrangements. MillTech operates independently from counterparty banks while maintaining connectivity with bank accounts, fund administrators and treasury systems to deliver institutional standards of transparency and governance.
MillTech is scaling rapidly, delivering 79% revenue growth in 2024 and 73% in 2025, with approximately $500 billion in annual trading volume supporting client hedging programmes totalling over $35bn. Recent product expansion includes cash management developed in collaboration with BlackRock's CacheMatrix, and Co-Pilot, a risk advisory solution that enables clients to automate trade calculation, model FX hedging strategies, assess interest rate differentials and optimise cash deployment.
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.
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.
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.
