• Values MillTech at $325m
• MillTech reports c.$500bn annual trading volume, $35bn in client programmes and 70%+ revenue growth
LONDON, April 09, 2026 (GLOBE NEWSWIRE) -- MillTech, a leading risk management platform which provides next-gen FX hedging and cash investments for fund managers and corporates, today announced a $60 million minority investment from the Apax Digital Funds, the growth equity arm of Apax Partners LLP ("Apax"), valuing MillTech at $325 million. MillTech's ultimate group holding company retains its majority shareholding.
MillTech is scaling rapidly, delivering 79% revenue growth in 2024 and 73% in 2025. The firm has proceeds of approximately $500 billion in annual trading volume, supporting client hedging programmes totalling over $35bn.
The investment will support MillTech's 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.
FX is the world's largest and most liquid financial market, with average daily global turnover reaching $9.6 trillion in 20251. However, many organisations continue to manage FX risk manually through fragmented processes and systems with limited transparency. A recent MillTech survey found that eight in ten companies experienced losses from unhedged currency exposure in 2025. 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.
Founded in 2019, MIllTech automates FX hedging and investment operations by combining trade calculation, execution, settlement, reporting and transaction cost analysis (TCA) into a single technology solution. The firm, drawing on more than 30 years of currency management heritage from Millennium Global Investments, delivers direct access to the wholesale multi-bank market via its agency ISDA network and, on average, delivers 50%+ cost savings compared to ...
