MillTech secure £44.8m to accelerate North American expansion

London-based risk management platform MillTech has secured £44.8m investment from Apax Digital Funds.

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, delivering direct access to the wholesale multi-bank market.

The fintech operates independently from counterparty banks while ensuring connectivity across its clients’ existing service providers – including bank accounts, fund administrators and portfolio/treasury management systems.

The new investment will support MillTech’s next phase of growth, accelerating its expansion across North America and enhancing its treasury management capabilities.

“The investment is a strong endorsement of the value our platform delivers and the sheer magnitude of our long-term potential,” says Eric Huttman, CEO of MillTech. 

“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.”

Following the new investment, MillTech’s ultimate group holding company will retain its majority shareholding.

“MillTech is a disruptive platform that enables clients, including Apax, to automate and scale core treasury workflows with stronger controls and transparency,” adds Marc Henckel, managing director at Apax Digital. “By aggregating volumes across a high-quality bank panel, it sharpens pricing and improves FX efficiency.”