Apax Digital invests $60m in London-headquartered FX platform MillTech at $325m valuation as FCA-regulated fintech targets North American expansion
MillTech, a London-headquartered FX (foreign exchange) hedging and cash investment platform serving fund managers and corporates, has received a $60 million minority growth equity investment from Apax Digital Funds — the growth equity arm of Apax Partners LLP — valuing the business at $325 million. MillTech's ultimate group holding company retains its majority shareholding. MillTech operates under the full legal name Millennium Global Treasury Services Holdings Limited and its affiliates. It is authorised and regulated by the UK Financial Conduct Authority (FCA) and processes approximately $500 billion in annual trading volume across client programmes totalling $35 billion. Revenue growth exceeded 70% in the most recent reporting period. The investment is structured as a minority stake transaction with the existing majority retained by the founding group — a structure common in growth equity where founders seek institutional capital without ceding control. The primary use of proceeds is geographic expansion into North America alongside product development. MillTech already serves clients across the UK, US, Canada, Switzerland, Belgium, Denmark, Ireland, Luxembourg, Norway, and Liechtenstein, giving the transaction a clear cross-border character with London as the regulatory anchor. For City firms, the transaction represents a recurring deal type: a London-regulated fintech platform raising minority growth capital from a major PE-affiliated fund for international expansion, with both English law investment documentation and US legal requirements likely in play given MillTech's existing North American presence.
Why this matters
Growth equity minority investments in FCA-regulated fintech platforms require dual-jurisdiction legal work — English law investment agreement and shareholder documentation on the UK side, combined with US securities law compliance given the North American expansion mandate and the involvement of US institutional capital. The transaction activates corporate/M&A, financial regulation, and funds practice groups simultaneously. The 'why now' is the sustained appetite among large PE platforms like Apax for fintech infrastructure plays in FX and treasury management, a segment that has grown as fund managers professionalise their currency risk management. The transaction's London regulatory nexus — FCA authorisation, English law governing documents — makes it a natural City firm mandate.
On the Ground
On a cross-border growth equity investment of this type, a trainee would coordinate local counsel instruction letters for jurisdictions outside England — particularly the US, given North American expansion plans — and prepare a choice-of-law summary identifying which governing law applies to each transaction document. They would also assist with sanctions screening memos for the investor and key management individuals as part of the FCA change-of-control notification process.
Interview prep
Soundbite
An FCA-regulated FX platform raising US PE capital for North American expansion puts London at the centre of cross-border fintech deal flow.
Question you might get
“What FCA notifications or approvals would be required in connection with Apax acquiring a minority stake in an FCA-authorised firm like MillTech?”
Full answer
Apax Digital has invested $60m in MillTech, valuing the London-regulated FX and treasury platform at $325m — a minority growth equity deal that connects UK financial services regulation with US-facing expansion. For City firms, the significance is the cross-border legal complexity: English law investment documentation, FCA change-of-control notification, and US legal requirements for North American market entry all run in parallel. The wider trend is the continued institutionalisation of fintech infrastructure businesses, with large PE platforms targeting FX and treasury management as a specialist sub-sector. This suggests a pipeline of similar deals as the sector matures.
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