Argentex founder secures funding injection for new fintech firm
The founder of a foreign exchange firm that collapsed in the wake of Donald Trump’s ‘liberation day‘ last year has secured a multi-million pound funding injection for his new fintech venture, City AM has learned. Irish payments and foreign exchange (FX) group Fexco will invest £7.5m in Tenora, an FX technology firm set up by [...]
The former founder of Argentex, Harry Adams, has secured a significant funding injection for his new fintech venture, Tenora, according to recent reports. Fexco, an Irish payments and FX group, is investing £7.5 million in Tenora, which specializes in providing technological solutions to the foreign exchange market. Argentex, a London-listed company, was among the high-profile casualties of the 'liberation day' last year, when it collapsed due to extreme currency fluctuations following Donald Trump's tariff announcement.
Adams left Argentex 18 months before its downfall. The funding for Tenora consists of a £5.5 million equity investment and a £2 million funding line. Adams stated that Tenora plans to leverage the capital to expand its services beyond FX into the corporate Treasury market. Tenora will create a "Treasury Orchestration" tool that will enable companies to manage their FX risk, cash supply, and payments on a single platform.
The investment comes after Tenora obtained FCA authorization as an Electronic Money Institution in recent months. Sean Crowe, Fexco's chief of financial services, has also joined Tenora's board of directors.
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