Macquarie has increased its stake in London-based foreign exchange fintech Tenora to 33 percent, following the company's acquisition of a new regulatory permit from the Financial Conduct Authority (FCA). The asset management giant first invested in Tenora last summer during a fundraising round that valued the startup at £15 million.
FCA Licence Unlocks New Capabilities
Tenora has received an e-money licence from the FCA, granting it permission to issue electronic money, provide regulated payment services, and safeguard client funds. The fintech operates the Truhedge platform, which helps finance teams automate and manage currency hedging by monitoring risk against board-approved policies in real time.
Founder Comments on Regulatory Milestone
Harry Adams, founder of Tenora, explained that the new licence allows the company to “set up different virtual accounts in different jurisdictions,” enabling a “much more seamless end-to-end product to trade internationally.” He praised the FCA for “understanding the market” during the application process, adding that the same cannot be said for “a lot of other regulators across Europe who don’t appreciate why a business like ours requires an EMI licence.”
Background: Argentex and Adams’ Journey
Adams previously founded Argentex, a currency management firm that entered administration in July 2025 after a severe liquidity crisis and a 93 percent share price crash. He left Argentex in autumn 2023 before its financial troubles emerged but attempted to return over a year ago to rescue the firm. “I put a consortium together to try and acquire it back,” Adams said. “However, that was unsuccessful, and the board decided to go down different angles, which ultimately led to the business going into administration.”
Reflecting on his decade at Argentex, Adams noted that “the market is absolutely enormous and there hasn’t been much tech advancement.”
Growth Ambitions and IPO Prospects
With the new licence, Adams foresees significant potential for Tenora, aiming to achieve “over £100m worth of sales revenue within a 10-year period.” He expressed confidence in reaching that milestone faster than he did with Argentex.
Argentex made a £120 million debut on the London Stock Exchange in 2019, raising £14 million. When asked about a possible future IPO for Tenora, Adams stated, “Everything is on the table. I have a huge amount of experience in listed markets now. If there was an opportunity to list in London, there’s no reason why we wouldn’t do that again.”
