Argentex founder gets Macquarie backing for new venture - report

(Sharecast News) - The founder of Argentex Group, the foreign exchange firm which collapsed earlier this year, has reportedly secured backing from Australia's Macquarie for his latest venture. According to Sky News, Macquarie's Commodities and Global Markets group has taken a minority stake in Tenora, an FX technology platform.

Tenora was established earlier this year by Harry Adams, who left Argentex in the autumn of 2023.

Its collapse during the summer came as its management team attempted to secure emergency funding through a sale that was ultimately stymied by regulatory delays.

Macquarie's investment in Tenora, which values the start-up at £15m, allows the Australian financial giant to appoint two directors to its board, Sky said.

Tenora has been set up to offer business clients tools to manage their FX risk.

A number of the company's employees and a group of individual investors also participated in the funding round, according to Tenora.

"To attract the backing of a major financial institution at this early stage is a strong endorsement of both the market need for our differentiated solution," Adams said.

Based in London, Tenora's initial products include Truhedge, which it says will allow clients to make faster, data-driven decisions.

Arturo Alonso, senior managing director at Macquarie, said Tenora offered "a disruptive solution for the FX and payments industry".