Irish payments and foreign exchange (FX) group Fexco is set to invest £7.5m in Tenora, a fintech venture founded by Harry Adams, the former founder and chief of Argentex. The investment includes a £5.5m equity investment and a £2m funding line.
Adams stated that Tenora intends to utilise the capital to expand its operations beyond FX and into the corporate Treasury market. Tenora's new "Treasury Orchestration" tool is designed to allow firms to manage FX risk, cash supply, and payments on a single platform.
This new funding follows previous backing from Australian investment firm Macquarie last year. Tenora also secured FCA authorisation as an Electronic Money Institution in recent months. Sean Crowe, chief of financial services at Fexco, has joined Tenora's board as part of the deal.
Argentex, Adams' former company, collapsed last year following significant currency fluctuations after Donald Trump's tariff announcement. Adams had left Argentex 18 months prior to its collapse.