Foreign exchange is the largest financial market in the world, with daily trading volumes reaching $9.6 trillion. Yet, many companies still handle currency risk using manual and fragmented methods. With more currency volatility expected in 2026, the demand for automation is growing.
Founded in 2019 by Eric Huttman, London-based MillTech, the fintech arm of Millennium Global Investments, automates the full FX lifecycle, including trade calculation, execution, settlement, reporting, and transaction cost analysis. It works as an agent, giving clients access to competing quotes from more than 10 banks simultaneously.
According to the company, this approach offers over 50% cost savings compared to traditional custody, prime brokerage, or single-bank setups.
Earlier this week, MillTech raised $60 million in a minority investment from Apax Digital Funds, the growth equity arm of Apax Partners. The deal values the company at $325 million and is MillTech’s largest funding round to date, according to Bloomberg. The proceeds will support North American expansion and further development of the firm’s AI-powered treasury products.
MillTech has recently expanded its products beyond FX hedging. In June 2025, the company launched a cash management solution with BlackRock’s CacheMatrix, allowing clients to automate cash investment workflows and access a marketplace of top-tier money market funds.
MillTech also introduced Co-Pilot, an AI risk advisory tool that helps clients model FX hedging strategies, assess interest rate differences, and optimise cash use.
Direct competitors include Kyriba, GTreasury, and Bound. MillTech stands out with its agency execution model and background as part of a top institutional currency manager, giving it credibility with fund managers that pure software competitors often lack.
MillTech’s platform handles about $500 billion in trading volume each year and supports client hedging programs worth over $35 billion. The company has seen strong revenue growth, with increases of 79% in 2024 and 73% in 2025.
