Irish payments and foreign exchange group Fexco is putting £7.5m into Tenora, split between a £5.5m equity investment and a £2m funding line, adding a second strategic backer to the cap table of the FX technology firm founded by former Argentex chief Harry Adams.
Adams built Argentex into one of the London market's better-known currency brokers before leaving the business roughly 18 months ahead of its collapse. The company was valued at about £50m in the days before Donald Trump's tariff announcement last year, then failed as the resulting currency swings ran through its margin positions. Argentex was placed into special administration in July 2025, and a proposed takeover by IFX Payments was terminated the following month.
Tenora is the vehicle Adams has built since. It sells FX risk and payments technology to corporate clients, and secured authorisation from the Financial Conduct Authority as an Electronic Money Institution in recent months.
The Fexco cheque is structured as £5.5m of equity plus a £2m funding line, according to City AM, which first reported the investment. The equity portion is a primary investment into the business; neither company disclosed the stake it buys or the valuation applied, and the terms of the £2m facility were not disclosed.
It is the second strategic corporate investment into Tenora in under a year. Macquarie, the Australian financial group, took an equity position in the company in 2025, meaning Tenora's register now carries two established financial institutions alongside its founding shareholders.
Fexco is also taking a board seat. Sean Crowe, the group's chief of financial services, has joined Tenora's board as part of the deal, giving the Irish group governance representation as well as economic exposure.
Adams said the capital would fund an expansion beyond currency into corporate treasury, describing Fexco's four decades of payments and FX infrastructure as directly relevant to that push. Tenora's new "Treasury Orchestration" product is pitched at finance teams managing FX risk, cash supply and payments across a single platform rather than through separate providers.
The strategic-investor route is a notable choice for a founder whose previous company was a public vehicle. Where Argentex raised from institutional equity markets and reported to a listed register, Tenora has so far assembled a smaller, concentrated cap table of corporate partners that bring distribution and infrastructure alongside their capital.
Crowe said Tenora was applying modern technology to parts of the market where processes remain manual and disconnected. Neither party disclosed revenue figures, headcount or a timetable for the treasury product's commercial launch.
Original source: City AM — https://www.cityam.com/argentex-founder-secures-funding-injection-for-new-fintech-firm/
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