Apax Digital Funds Injects $60M Into MillTech, Valuing the Fintech at $325M

Why It Matters

The capital infusion validates MillTech’s disruptive model and positions it to capture a larger share of the $1 trillion‑plus global FX market, while Apax gains strategic exposure to high‑growth treasury technology.

Key Takeaways

• Apax Digital injects $60M for minority stake, valuing MillTech at $325M
• MillTech processes roughly $500B in annual FX trading volume
• Revenue grew 79% in 2024 and 73% in 2025
• Expansion focus on North America and enhanced treasury capabilities
• Platform cuts FX costs over 50% versus traditional banking models

Pulse Analysis

The foreign‑exchange market has long been dominated by legacy banks, but fintech innovators are reshaping how institutional investors manage currency risk. MillTech’s unified platform streamlines the entire FX lifecycle—from trade calculation to settlement—allowing fund managers to bypass costly prime‑brokerage structures. By connecting directly to a multi‑bank ISDA network, the solution delivers real‑time pricing and transparency, addressing a critical pain point for treasury teams seeking efficiency and tighter control over transaction costs.

Apax Digital’s $60 million injection underscores the growing appetite among growth‑equity firms for fintech assets that combine deep domain expertise with scalable technology. Valuing MillTech at $325 million reflects both its impressive $500 billion annual trading volume and a revenue trajectory that surged nearly 80% in 2024. The partnership also deepens Apax’s operational footprint, as it already deploys MillTech’s tools across its own funds, creating a feedback loop that can accelerate product refinement and market adoption.

Looking ahead, MillTech’s North‑American rollout could reshape treasury operations for a broad swath of corporate treasurers and asset managers. The region’s fragmented banking landscape presents an opportunity for a platform that can aggregate liquidity and halve execution costs. As regulatory scrutiny tightens and investors demand greater ESG‑aligned risk management, MillTech’s technology‑first, fiduciary‑driven DNA positions it to capture new business and set industry standards for digital treasury solutions.

Deal Summary

Apax Digital Funds, the growth equity arm of Apax Partners, completed a $60 million minority investment in MillTech, a risk management platform for FX hedging, valuing the company at $325 million. The funding will support MillTech’s North American expansion and further development of its treasury management capabilities, while the group holding company retains majority ownership.