MillTech raises $60 million for expansion into the US market

MillTech automates the entire FX hedging and investment process, from trade calculation and execution through to settlement, reporting, and cost analysis. The firm claims to cut costs by 50%+ compared to traditional banking arrangements through direct access to the wholesale multi-bank market.

Founded in 2019, the firm is scaling rapidly, delivering two consecutive years of over 70% revenue growth, and it now processes $500bn in annual trading volume. Recently, it launched a cash management package with BlackRock and an AI-enabled risk advisory toolkit to help clients optimise their FX hedging strategies and cash investments.

The investment, which values the company at $325 million, will accelerate MillTech’s expansion across North America, where unhedged FX exposure represents a multi-billion-dollar risk amid renewed currency volatility.

Eric Huttman, CEO of MillTech, comments: "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.”

Apax is a MillTech client, and Apax co-founder, Sir Ronald Cohen was an early backer of the firm.

Marc Henckel, managing director at Apax Digital, says: “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.”