Harry Adams, the entrepreneur who established the foreign-exchange specialist Argentex, has obtained a fresh capital injection for Tenora, the fintech he launched after departing his previous company.
Irish payments and currency group Fexco is committing £7.5 million, split between a £5.5 million equity stake and a £2 million credit facility.
The deal arrives after Tenora already received institutional support from Macquarie and recently gained regulatory approval from the Financial Conduct Authority to operate as an electronic-money institution.
Argentex, once listed in London, became a prominent casualty of the market turmoil that followed tariff announcements in 2025.
Sharp currency swings created a liquidity squeeze that ultimately led to administration.
Adams had stepped away from the firm in late 2023, well before the crisis intensified, and has since called for an examination of the events that brought the company down.
Tenora was formed in the period after his departure as a technology-focused platform intended to give corporate clients greater visibility and control over foreign-exchange exposures.
Macquarie’s Commodities and Global Markets division first invested in October 2025, taking a minority holding that valued the startup at £15 million and securing two board seats.
That stake later rose to 33 percent once Tenora obtained its FCA license.
The latest Fexco investment builds on that foundation and is intended to fund a broader product set.
Adams told reporters the money will support expansion from pure FX tools into the wider corporate-treasury arena.
He highlighted Fexco’s four decades of experience building large-scale payments and currency infrastructure as particularly useful for that next stage.
Tenora’s planned “Treasury Orchestration” capability aims to combine currency-risk identification and hedging with cash-management and cross-border payment functions on a single system.
The company argues that finance teams currently treat these activities as separate problems even though they form one continuous process.
Adams has described the goal as delivering the governance and oversight expected of institutional infrastructure while replacing fragmented, often manual workflows.
Sean Crowe, Fexco’s head of financial services, has joined Tenora’s board as part of the transaction and praised the application of contemporary technology to an area still dominated by disconnected processes.
The startup’s early offering, previously marketed as Truhedge, focused on faster, data-driven hedging decisions.
With the new capital and regulatory permissions, Tenora can now issue electronic money, offer regulated payment services and safeguard client funds inside the same environment.
Management has previously spoken of ambitions to reach more than £100 million in annual revenue within a decade, a trajectory Adams has said he hopes to achieve more quickly than at Argentex.
The combination of Macquarie’s earlier strategic holding, the FCA authorisation and Fexco’s latest commitment positions Tenora to compete in a market that remains heavily reliant on legacy systems.
It now remains to be seen if the platform can convert that backing into widespread corporate adoption. And this will most likely depend on execution in the months ahead, but the successive funding rounds indicate institutional confidence in the founder’s latest venture.
