Apax Digital Invests in MillTech
Analysis based on 11 articles · First reported Apr 08, 2026 · Last updated Apr 09, 2026
The $60 million investment by Apax Partners in MillTechFX signals strong investor confidence in the FinTech sector, particularly in risk management and treasury solutions. This capital injection will enable MillTechFX to expand its operations in North America, potentially increasing competition and driving innovation in the FX hedging and cash management markets, which could lead to improved efficiency and cost savings for financial institutions and corporates.
MillTechFX, a risk management platform specializing in FX hedging and cash investments, announced a $60 million minority investment from Apax Digital Funds, the growth equity arm of Apax Partners. This investment values MillTechFX at $325 million and will primarily support its expansion into North America and enhance its treasury management capabilities. MillTechFX has demonstrated rapid growth, with 79% revenue growth in 2024 and 73% in 2025, processing approximately $500 billion in annual trading volume. The company's platform automates FX hedging and investment operations, offering significant cost savings compared to traditional methods. Apax Partners, already a client of MillTechFX, is now an investor, with Sir Ronald Cohen, co-founder of Apax Partners, being an early backer. MillTechFX has also expanded its product offerings to include cash management, in collaboration with BlackRock's CacheMatrix, and an AI-enabled risk advisory solution called Co-Pilot. The investment highlights the increasing demand for technology-enabled solutions in the foreign exchange market, which experiences $9.6 trillion in average daily global turnover, as many organizations still face losses from unhedged currency exposure.
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