With Argentex Sold for Nearly £3M to IFX Payments, Former CEO Launches B2B FX Startup

Just months after Argentex's near-collapse, its former chief executive, Harry Adams, is back in the industry. Adams has launched a newLondon-based FX firm, Tenora, aiming to overhaul the way businesses managecurrency risk and cross-border payments. “Tenora brings cutting-edge technology andtransparency to a traditionally opaque market, challenging outdated practicesand redefining industry standards for the benefit of corporates, institutions, and their counterparties,” the company wrote on LinkedIn. The timing of Tenora’s launch is noteworthy. Last month, the foreign exchange (FX) broker agreed to be acquired by rival IFX Payments ina deal valuing the troubled company at approximately £3 million. The transaction followed a reportedly severe liquiditycrunch triggered by the pressure from the global currency markets. Dubbed Tenora,the latest outfit now positions itself as a solution for finance teams andtreasury departments that have grown frustrated with the opacity andinefficiency in traditional FX services. Promising Greater Visibility in a Complex Market “Our first product is the free-to-use Hedge Analyser, a powerful tool that delivers real-time andhistorical insights, enabling businesses to uncover the hidden cost of hedging,assess potential earning impacts from FX movements, and evaluate theCost-Benefit on the value of hedging.” According to the firm, the Hedge Analyser reveals howmuch counterparties profit from each trade, models potential financial impactsfrom currency movements, and helps evaluate whether hedging is deliveringvalue. The founding team includes CTO Nick Corlett and ChiefProduct Officer Tom Alexander, both of whom have backgrounds in FX technology through their previous firm, Equip. Tenora is setting out with a global perspective, with founders based in London, New Zealand, and Australia. It's a week of big news for IFX Payments We are pleased to announce we have reached an agreement in principle to acquire Argentex Group PLC. More information can be found on the link below https://t.co/3H6H0xw99Q pic.twitter.com/0DdFTaJa36 Aiming for Relevance in a Crowded Market While Tenora’s launch signals bold intent, it enters ahighly competitive space dominated by banks, fintech, and established FX brokers. What may set it apart is its focus on automation, analytics, and user empowerment, which have become central to the evolution of B2B financialtools. Adams believes that Tenora’s data-driven approachcould provide CFOs and corporate treasurers with a level of decision-makingclarity not previously available. As Tenora begins to roll out its full suite of toolsbeyond the Hedge Analyser, the market will soon see whether Adams’ second actin FX can deliver the change he promises — and whether businesses are ready toswitch to a model that puts visibility front and center. Just months after Argentex's near-collapse, its former chief executive, Harry Adams, is back in the industry. Adams has launched a newLondon-based FX firm, Tenora, aiming to overhaul the way businesses managecurrency risk and cross-border payments. “Tenora brings cutting-edge technology andtransparency to a traditionally opaque market, challenging outdated practicesand redefining industry standards for the benefit of corporates, institutions, and their counterparties,” the company wrote on LinkedIn. The timing of Tenora’s launch is noteworthy. Last month, the foreign exchange (FX) broker agreed to be acquired by rival IFX Payments ina deal valuing the troubled company at approximately £3 million. The transaction followed a reportedly severe liquiditycrunch triggered by the pressure from the global currency markets. Dubbed Tenora,the latest outfit now positions itself as a solution for finance teams andtreasury departments that have grown frustrated with the opacity andinefficiency in traditional FX services. Promising Greater Visibility in a Complex Market “Our first product is the free-to-use Hedge Analyser, a powerful tool that delivers real-time andhistorical insights, enabling businesses to uncover the hidden cost of hedging,assess potential earning impacts from FX movements, and evaluate theCost-Benefit on the value of hedging.” According to the firm, the Hedge Analyser reveals howmuch counterparties profit from each trade, models potential financial impactsfrom currency movements, and helps evaluate whether hedging is deliveringvalue. The founding team includes CTO Nick Corlett and ChiefProduct Officer Tom Alexander, both of whom have backgrounds in FX technology through their previous firm, Equip. Tenora is setting out with a global perspective, with founders based in London, New Zealand, and Australia. It's a week of big news for IFX Payments We are pleased to announce we have reached an agreement in principle to acquire Argentex Group PLC. More information can be found on the link below https://t.co/3H6H0xw99Q pic.twitter.com/0DdFTaJa36 Aiming for Relevance in a Crowded Market While Tenora’s launch signals bold intent, it enters ahighly competitive space dominated by banks, fintech, and established FX brokers. What may set it apart is its focus on automation, analytics, and user empowerment, which have become central to the evolution of B2B financialtools. Adams believes that Tenora’s data-driven approachcould provide CFOs and corporate treasurers with a level of decision-makingclarity not previously available. As Tenora begins to roll out its full suite of toolsbeyond the Hedge Analyser, the market will soon see whether Adams’ second actin FX can deliver the change he promises — and whether businesses are ready toswitch to a model that puts visibility front and center.