MillTech Secures $60M Investment from Apax Digital Funds

MillTech, a London-based risk management platform specializing in FX hedging and cash investments, announced a $60 million minority investment from Apax Partners===Apax Digital Funds, the growth equity arm of Apax Partners. This investment values MillTech at $325 million, with its ultimate group holding company retaining a majority share. The funding will support MillTech's rapid growth, including its expansion into North America and the enhancement of its advanced treasury management capabilities. MillTech has demonstrated significant revenue growth and processes substantial annual trading volumes. The company automates FX hedging and investment operations, providing direct access to the wholesale multi-bank market and offering significant cost savings. Apax Partners===Apax Digital Funds, already a client of MillTech, is now an investor, underscoring the platform's value. MillTech has also expanded its product offerings to include cash management in collaboration with BlackRock's BlackRock===CacheMatrix and an AI-enabled risk advisory solution called Co-Pilot. This investment reflects a broader trend of capital flowing into FinTech infrastructure, particularly in Europe, to address the inefficiencies and risks associated with manual FX management in the world's largest financial market.