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

Argentex

Tuesday, 06/05/2025 | 14:42 GMT by
Jared Kirui

  • The launch follows Argentex’s acquisition by IFX Payments for around £3 million after a major liquidity crisis.
  • Dubbed Tenora, the new platform aims to modernize currency risk management and cross-border payments.

Harry Adams

Just months after Argentex’s near-collapse, its former chief executive, Harry Adams, is back in the industry. Adams has launched a new
London-based FX firm, Tenora, aiming to overhaul the way businesses manage
currency risk and cross-border payments.

“Tenora brings cutting-edge technology and
transparency to a traditionally opaque market, challenging outdated practices
and 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 in
a deal valuing the troubled company at approximately £3 million.

The transaction followed a reportedly severe liquidity
crunch triggered by the pressure from the global currency markets. Dubbed Tenora,
the latest outfit now positions itself as a solution for finance teams and
treasury departments that have grown frustrated with the opacity and
inefficiency 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 and
historical insights, enabling businesses to uncover the hidden cost of hedging,
assess potential earning impacts from FX movements, and evaluate the
Cost-Benefit on the value of hedging.”

According to the firm, the Hedge Analyser reveals how
much counterparties profit from each trade, models potential financial impacts
from currency movements, and helps evaluate whether hedging is delivering
value.

The founding team includes CTO Nick Corlett and Chief
Product 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.

— IFX Payments (@ifxpayments) April 25, 2025

Aiming for Relevance in a Crowded Market

While Tenora’s launch signals bold intent, it enters a
highly 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 financial
tools.

Adams believes that Tenora’s data-driven approach
could provide CFOs and corporate treasurers with a level of decision-making
clarity not previously available.

As Tenora begins to roll out its full suite of tools
beyond the Hedge Analyser, the market will soon see whether Adams’ second act
in FX can deliver the change he promises — and whether businesses are ready to
switch 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 new
London-based FX firm, Tenora, aiming to overhaul the way businesses manage
currency risk and cross-border payments.

“Tenora brings cutting-edge technology and
transparency to a traditionally opaque market, challenging outdated practices
and 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 in
a deal valuing the troubled company at approximately £3 million.

The transaction followed a reportedly severe liquidity
crunch triggered by the pressure from the global currency markets. Dubbed Tenora,
the latest outfit now positions itself as a solution for finance teams and
treasury departments that have grown frustrated with the opacity and
inefficiency 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 and
historical insights, enabling businesses to uncover the hidden cost of hedging,
assess potential earning impacts from FX movements, and evaluate the
Cost-Benefit on the value of hedging.”

According to the firm, the Hedge Analyser reveals how
much counterparties profit from each trade, models potential financial impacts
from currency movements, and helps evaluate whether hedging is delivering
value.

The founding team includes CTO Nick Corlett and Chief
Product 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.

— IFX Payments (@ifxpayments) April 25, 2025

Aiming for Relevance in a Crowded Market

While Tenora’s launch signals bold intent, it enters a
highly 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 financial
tools.

Adams believes that Tenora’s data-driven approach
could provide CFOs and corporate treasurers with a level of decision-making
clarity not previously available.

As Tenora begins to roll out its full suite of tools
beyond the Hedge Analyser, the market will soon see whether Adams’ second act
in FX can deliver the change he promises — and whether businesses are ready to
switch to a model that puts visibility front and center.

Jared Kirui

  • 1889 Articles
  • 34 Followers

Jared is an experienced financial journalist passionate about all things forex and CFDs.

  • 1889 Articles
  • 34 Followers

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