The founder of Argentex Group, the foreign exchange group that collapsed this year due to market turmoil triggered by President Trump’s tariff regime, has won the backing of Australia’s most powerful financial group for his latest venture.
Sky News has learned that Macquarie’s Commodities and Global Markets group has taken a minority stake in Tenora, a foreign exchange technology platform.
Tenora was created earlier this year by Harry Adams, who left Argentex in fall 2023.
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Its collapse over the summer came as its management team tried to secure emergency financing through a sale that was ultimately blocked by regulatory delays.
Macquarie’s investment in Tenora, which values the start-up at £15 million, sees the Australian financial giant appoint two directors to its board.
Tenora was created to provide corporate clients with tools to manage their foreign exchange risk, which is particularly useful during periods of extreme market volatility.
A number of company employees and a group of individual investors also participated in the funding round, according to Tenora.
“Securing the support of a major financial institution at this early stage is a strong endorsement of the market need for our differentiated solution,” said Mr. Adams.
Headquartered in London, Tenora’s first products include Truhedge, which will enable customers to make faster, data-driven decisions.
Arturo Alonso, senior managing director at Macquarie, said Tenora offered “a disruptive solution for the foreign exchange and payments industry”.