Argentex founder's Tenora lands £7.5M to build treasury tools

What's the deal? TenoraDealroom has a profile for this one. Try Dealroom →, an FX technology firm founded by former ArgentexDealroom has a profile for this one. Try Dealroom → chief Harry Adams, has raised £7.5 million in a Series A round led by Irish payments and foreign exchange group FexcoDealroom has a profile for this one. Try Dealroom →. The investment comprises a £5.5 million equity injection and a £2 million funding line.

What's the endgame? Adams said Tenora will use the capital to expand beyond FX into the corporate treasury market. Its new "Treasury Orchestration" tool lets firms manage FX risk, cash supply, and payments on a single platform.

Why now? The round follows Tenora securing authorisation from the Financial Conduct Authority (FCA) as an Electronic Money Institution in recent months. It also builds on earlier backing from Australian investment group MacquarieDealroom has a profile for this one. Try Dealroom → last year.

The context: Adams previously founded London-listed Argentex, one of the highest-profile corporate casualties of Donald Trump's "liberation day" tariff announcement. Wild currency swings brought the firm down; just days earlier it had been worth around £50 million. Adams had left Argentex 18 months before its collapse.

As part of the deal, Sean Crowe, chief of financial services at Fexco, joins Tenora's board. "Tenora is applying modern technology to an area of the market where many processes remain manual and disconnected," Crowe said. Adams pointed to Fexco's track record, noting it has "spent more than four decades building payments and FX infrastructure at global scale."

The signal: The raise sits in the 62nd percentile by deal size, a solid mid-market Series A rather than a blockbuster. It marks a return for a founder whose last venture became a cautionary tale in currency-market volatility — this time betting on infrastructure over trading.

Read more: cityam.com

Image credit: Tenora