Tenora Pulls In £7.5M From Fexco to Push FX Risk Platform Into Corporate Treasury
Tenora Pulls In £7.5M From Fexco to Push FX Risk Platform Into Corporate Treasury #
Harry Adams, the entrepreneur who co-founded London-listed foreign exchange firm Argentex before it collapsed last year, has raised £7.5 million for his new fintech startup Tenora, backed by Irish payments and foreign exchange group Fexco.
The round comprises a £5.5 million equity investment and a £2 million dedicated funding line, according to City AM. It follows earlier backing from Australian financial group Macquarie, which led Tenora’s first funding round last autumn, valuing the startup at £15 million. Macquarie has since increased its shareholding to 33 per cent after Tenora received Financial Conduct Authority authorisation as an Electronic Money Institution.
Adams told City AM that the capital would go toward expanding Tenora’s offering beyond traditional foreign exchange into the broader corporate treasury market, with a focus on automating manual processes that have long burdened mid-market finance teams. The company’s TruHedge is a web-based platform that allows treasury professionals to model, monitor, and manage currency exposure against board-approved hedging policies in real time, replacing spreadsheets and fragmented workflows with a single governed system.
The fundraise comes roughly a year after the collapse of Argentex, which Adams co-founded in 2012 and steered through a £120 million London float in 2019. The FX broker entered administration in the summer of 2025 after a severe liquidity crisis linked to the violent currency swings that followed US President Donald Trump’s April tariff announcements, an episode widely referred to as “Liberation Day.” Argentex shares lost around 93 per cent of their value before IFX Payments acquired the firm for close to £3 million. Adams had left the company approximately 18 months before the collapse.
Tenora, headquartered at 41 Moorgate in the City of London, is an FX orchestration platform for corporate treasurers. It holds an FCA e-money licence and offers regulated payment services with transparent, fee-disclosed execution. Adams has noted that the licence allows the firm to establish virtual accounts across multiple jurisdictions, expanding the range of payment services available to clients.
With Fexco’s backing, Tenora is targeting expansion into European and Asia-Pacific markets and plans to add features to TruHedge through the remainder of 2026.
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