London-based MillTech has secured a €51 million minority investment from Apax Digital Funds, valuing the company at €277 million and signaling strong momentum in the rapidly evolving treasury and FX infrastructure space.
The investment marks a deepening relationship between MillTech and Apax—already a client of the platform—and will fuel the company’s next phase of growth, including expansion into North America.
Fixing an Invisible Problem in Finance
Foreign exchange (FX) is the largest financial market globally, yet for many organizations, FX risk management remains fragmented, manual, and opaque.
MillTech is tackling this inefficiency head-on by offering a platform that:
- Automates FX hedging workflows
- Integrates execution, settlement, and reporting
- Provides real-time analytics and cost transparency
For CEO Eric Huttman, the opportunity is massive:
“This partnership supports our next phase of growth as we continue to deliver industry-defining treasury solutions.”
From Fragmentation to Full Automation
Founded in 2019, MillTech combines over 30 years of currency management expertise from Millennium Global Investments with modern technology.
Its platform unifies:
- Trade calculation and execution
- Settlement and reporting
- Transaction cost analysis (TCA)
Clients gain direct access to the wholesale multi-bank FX market, enabling:
- Improved pricing through aggregated liquidity
- Independence from single-bank relationships
- Seamless integration with existing treasury systems
The company claims 50%+ cost savings compared to traditional setups like custody or prime brokerage.
AI Enters Treasury Workflows
A key part of MillTech’s evolution is the introduction of Co-Pilot, its AI-enabled risk advisory solution.
This tool allows clients to:
- Model FX hedging strategies
- Analyze interest rate differentials
- Optimize cash deployment
- Automate complex decision-making
Alongside this, MillTech has expanded into cash management, partnering with BlackRock’s CacheMatrix to improve returns on idle cash balances.
Riding a €359M Infrastructure Wave
MillTech’s raise comes amid a surge of investment into European treasury, payments, and risk infrastructure.
Recent funding across the sector includes:
- Automated FX risk platforms
- Institutional analytics systems with AI capabilities
- Payment infrastructure scaling globally
- AI-driven decision-making tools for financial services
Together, these deals represent over €359 million in capital flowing into this segment—highlighting strong investor conviction.
Strong Growth, Large Volumes
MillTech’s traction reflects increasing demand for modern treasury solutions:
- 79% revenue growth (2024)
- 73% revenue growth (2025)
- ~€427 billion in annual trading volume
- Supporting €29+ billion in client hedging programs
At the same time, the need is clear:
- 80% of companies experienced FX-related losses in 2025
- Average losses reached millions per firm
What This Means
MillTech is part of a broader shift: treasury and FX management becoming a software-driven, AI-enhanced discipline rather than a manual financial function.
As volatility increases and global operations expand, companies are under pressure to:
- Improve execution discipline
- Increase transparency
- Reduce hidden costs
Platforms like MillTech are stepping in to turn what was once a back-office function into a strategic advantage.
With fresh capital and a strong institutional partner, MillTech is positioning itself to become a key player in the next generation of global financial infrastructure.
