Harry Adams, the founder of the now-defunct currency exchange company Argentex, has raised £7.5 million in funding for his new fintech project Tenora. The startup is expanding its platform beyond the currency exchange market to a broader corporate treasury operations market.
Irish payment group Fexco is investing £5.5 million in equity and providing a £2 million credit line. These investments follow previous support from Macquarie, which acquired a 33% stake in the company in April. Tenora plans to transition to what it calls 'treasury management', which combines currency risk management, hedging, and trade execution with cash management and global payments on a single platform.
'Corporations do not view currency risks, global payments, and cash management as three separate issues, but the market presents them that way. We believe that treasury should function as a single lifecycle – from risk identification to cash movement and settlement – with the management and oversight that enterprises expect from institutional financial infrastructure,' Adams stated.
Argentex became one of the most notable corporate casualties following the introduction of import tariffs: its shares fell due to sharp fluctuations in currency rates. Adams left the company 18 months before these events.
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