Tenora secures £7.5m from Fexco to expand treasury platform

By Divya Shah

UK-based FinTech Tenora Financial Group has secured £7.5 million in new funding from Fexco, as it expands beyond foreign exchange services into the broader corporate treasury market. 

The investment package includes a £5.5 million equity injection and an additional £2 million funding line to support Tenora’s treasury operations and growing trading volumes.  

The new capital will support the development of Tenora’s platform, which combines FX risk management, hedging, trade execution, cash management and global payments within a single solution.  

Harry Adams, founder and CEO of Tenora, said Fexco’s decades of experience in payments and foreign exchange infrastructure would help the company expand beyond FX and build next-generation corporate treasury capabilities. 

The company aims to simplify treasury operations for businesses that typically rely on multiple providers and systems to manage these functions. 

Tenora also plans to use the funding to accelerate development of its AI-native treasury platform and drive international expansion.   

The investment follows regulatory approval from the Financial Conduct Authority (FCA). It also comes six months after Macquarie’s Commodities and Global Markets division increased its stake in the company, and after Tenora’s UK subsidiary, Tenora Financial Solutions Limited, received FCA authorisation as an Electronic Money Institution (EMI). 

As part of the deal, Sean Crowe, CEO of Financial Services at Fexco, has joined Tenora’s board. Crowe previously served as Group Treasurer at Bank of Ireland and CEO of the bank’s Market and Treasury division. 

Sean Crowe, CEO of Financial Services at Fexco said Tenora is modernising a market where many treasury processes remain manual and disconnected, adding that the company’s focus on institutional-grade infrastructure, governance and controls makes it well-positioned for long-term growth.