Argentex Group
Argentex Group was a UK-headquartered, AIM-listed currency risk management and payment solutions provider serving mid-to-large corporates and financial institutions across the UK, Netherlands, UAE, and Australia via a riskless principal broker model and multi-currency accounts in 15 currencies.
- Company typePublic
- Founded2012
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Argentex Group does
Argentex Group PLC was a UK-headquartered, AIM-listed currency risk management and payment solutions provider (LSE: AGFX) serving mid-to-large corporates and financial institutions across the UK, Netherlands, UAE, and Australia, with 150+ employees and 5,500+ clients transacting over $200 billion since inception. The company operated a riskless principal broker model, matching each client trade at one of several Tier 1 institutional counterparty banks (Barclays, Mashreq, Macquarie, Nomura), and offered spot trades, forward contracts, market orders, FX options, and multi-currency accounts holding 15 currencies with global payments in up to 140 currencies.
The technology stack centred on a proprietary multi-currency account platform, a PSD2-compliant Open Banking API (sandbox and production environments for UK and EU, 99.0% monthly uptime), and the Argentex Authenticator mobile app for PSD2 strong customer authentication. Revenue was generated primarily through transaction fees and spreads on FX execution and payment activity, with bespoke, quote-based pricing determined by dedicated FX specialists. Distribution was sales-led and consultative, with regional sales leadership in the UAE and Australia and onboarding completed within 5–10 working days following compliance checks.
Following 2023 revenue of £49.9 million (a decline from prior year), Argentex raised £3.3 million via a May 2024 share placing to develop an Alternative Banking Platform. The company subsequently collapsed into insolvency: on 17 July 2025 it suspended all client trading and agreed FCA voluntary restrictions, and on 21 July 2025 Joint Special Administrators from FRP Advisory Trading Limited were appointed to Argentex LLP under the Payment and Electronic Money Institution Insolvency Regulations 2021. A £35 million IFX (UK) Ltd takeover bid by Christopher Harborne lapsed with administration, and clients such as Wrexham AFC face recoveries of only 60–80 cents on £4.6 million of deposits, with administrator distributions not expected before early 2027.
Argentex Group firmographics
Firmographics- Name
- Argentex Group
- Legal name
- Argentex Group PLC
- Website
- https://argentex.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- Argentex Group was a UK-headquartered, AIM-listed currency risk management and payment solutions provider serving mid-to-large corporates and financial institutions across the UK, Netherlands, UAE, and Australia via a riskless principal broker model and multi-currency accounts in 15 currencies.
- Ownership category
- akta.pro rank
Argentex Group industry classification
Industry- Product category
- Foreign Exchange Services
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multibank FX Trading Platforms (FSAFADAC)
- akta.pro secondary industries
- FX Matching & Aggregation Venues (Liquidity Aggregators) (FSAFADAH), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF), FX Derivatives (Forwards, Options, NDFs) (FSACADAC), A2A Cross-Border & FX via Open Banking (FSAMAFAK)
Keywords
Where Argentex Group is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
Argentex Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel
Revenue model
- Currency Exchange and Payment Transaction Fees: Argentex operates as a riskless principal broker for non-speculative commercial currency transactions. The company earns revenue through spreads and fees on spot trades, forward contracts, and other FX transactions executed on behalf of clients. Each client trade is matched at one of the firm's institutional counterparty banks, with all spot trades over-the-counter (OTC) matched within seconds. Revenue declined in 2023 to GBP49.9 million.
- Multi-Currency Account Services: Argentex provides multi-currency accounts enabling clients to send, receive, and hold funds in 15 currencies. Revenue is generated through competitive market rates applied to currency exchanges and payments made through these accounts.
- Alternative Banking Platform: Development of an Alternative Banking Platform funded through a GBP3.3 million share placement in 2024. This platform is intended to expand the company's service offerings in multi-currency account management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Bespoke pricing based on transaction size, currency pair, and client relationship. |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Argentex Group product offering
Product offeringCore offering
Argentex is a foreign exchange specialist that supplies industrial, commercial, and government organisations with bespoke currency risk management and international payment execution. Operating as a riskless principal broker, it matches spot trades, forward contracts, market orders, and FX options at Tier 1 institutional counterparty banks, supported by multi-currency accounts in 15 currencies with global payments in up to 140 currencies, a PSD2-compliant Open Banking API, and a client portal for real-time balance and treasury management.
Product overview
Argentex Group is a currency risk management and payment solutions provider operating as a platform-plus-services model. The core offerings consist of Currency Risk Management (spot trades, forward contracts, market orders, FX options) and Alternative Banking (multi-currency accounts for 15 currencies, global payments in 140 currencies). These are supported by a PSD2-compliant Developer API for Third Party Provider connectivity, the Argentex Authenticator mobile app for strong customer authentication, and the FX Navigator research report. The company operates as a riskless principal broker for non-speculative commercial currency transactions, serving businesses and financial institutions across UK, Netherlands, UAE, and Australia.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Over $200 billion transacted for clients since 2012
- +5 more outcomes
Companies that use Argentex Group
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Argentex Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Argentex Group partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- BarclayscoreInstitutional counterparty for matching client FX trades. Each client trade is matched at one of the firm's institutional counterparty banks. All spot trades are OTC and matched within seconds.
- Mashreq BankcoreInstitutional counterparty for matching client FX trades as part of Argentex's matched principal broker model.
- MacquariecoreTier 1 institutional counterparty providing liquidity for client trades, operating within the matched principal broker model for Argentex's Australian operations.
- NomuracoreTier 1 institutional counterparty providing liquidity for client trades, operating within the matched principal broker model for Argentex's Australian operations.
- TreeappminorSustainability partner for Argentex's 'Trades for Trees' initiative. In 2024, 73,364 trees were planted through Treeapp as part of Argentex's commitment to plant one tree for every trade placed by a customer. This contributed to approximately 7,997 tonnes of CO2e being sequestered.
- Social Mobility Foundation (SMF)minorArgentex's partnership with the Social Mobility Foundation in the UK supports practical improvements for young people from diverse backgrounds, aligned with the company's diversity, inclusion and belonging strategy.
- Salt EdgecoreSalt Edge provides Argentex's Open Banking API infrastructure and availability statistics platform. The Argentex API maintains a minimum of 99.0% uptime per month, with quarterly statistics accessible via Salt Edge's Priora platform for both UK and EU environments.
Scale indicators11 records
Recent moves7 records
Expansion highlights5 records
Argentex Group competitors and assessment
Company assessmentDirect peers
- Moneycorp: UK-based FX and payments specialist serving corporates and financial institutions with multibank execution, forward contracts, and multi-currency accounts — the closest direct competitor to Argentex in product mix and target segment.
- Corpay (formerly Cambridge Global Payments): Cross-border payments and FX risk management platform for businesses and financial institutions, with similar Tier 1 bank liquidity provision and corporate FX hedging offerings; multiple Argentex managers previously held sales roles at Corpay.
- OFX: ASX-listed (and formerly LSE-AIM listed) FX and international payments provider serving businesses and online sellers with multi-currency accounts, forward contracts and spot execution — comparable in model and corporate client focus.
- Ebury: UK-headquartered FX and cross-border payments specialist focused on SMBs and mid-market corporates, offering multi-currency accounts, forward contracts and mass payouts — closely overlapping with Argentex's core proposition.
- Convera: Global B2B payments network providing FX hedging and cross-border payment execution for financial institutions and corporates, with similar multibank liquidity and institutional counterparty relationships.
Broad incumbents
- Wise: Large incumbent in cross-border payments and multi-currency accounts serving both consumers and businesses, with PSD2/EU licensing and an API/developer ecosystem comparable to Argentex's Open Banking platform.
- Western Union Business Solutions: Established global cross-border payments and FX hedging provider for mid-market and enterprise clients, offering multibank execution and risk management consulting comparable to Argentex's value proposition.
- Revolut Business: Digital banking and FX platform holding multi-jurisdictional E-Money licenses (including FCA), serving businesses with multi-currency accounts and FX execution — directly comparable to Argentex's Alternative Banking proposition.
Emerging players
- Currencycloud (Visa Cross-Border Solutions): API-first cross-border payments infrastructure provider (now part of Visa) offering multi-currency wallets and FX execution, comparable to Argentex's PSD2 developer platform and Alternative Banking strategy.
- Kantox: FX risk management and payments platform focused on mid-market companies with hedging automation tools and multi-currency operations, comparable in product focus to Argentex's currency risk management offering.
Market position
Strengths2 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights5 records
Customer concentration
Argentex Group social profiles
Digital presenceArgentex Group compliance and trust
Trust signalCompliance8 records
Argentex Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Argentex Group leadership team
Management profileNumber of profiles
Profiles9 records
Argentex Group subsidiaries and ownership
Company hierarchySubsidiaries4 records
Argentex Group funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Argentex Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Argentex Group
What does Argentex Group do?
Argentex is a foreign exchange specialist that supplies industrial, commercial, and government organisations with bespoke currency risk management and international payment execution. Operating as a riskless principal broker, it matches spot trades, forward contracts, market orders, and FX options at Tier 1 institutional counterparty banks, supported by multi-currency accounts in 15 currencies with global payments in up to 140 currencies, a PSD2-compliant Open Banking API, and a client portal for real-time balance and treasury management.
Is Argentex Group a public or private company?
Argentex Group is a public company. It is classified as public and is currently closed.
When was Argentex Group founded?
Argentex Group was founded in 2012. It employs 101 to 250 people.
Where is Argentex Group based?
Argentex Group is headquartered in London, United Kingdom, in the Europe region.
How does Argentex Group make money?
Three revenue lines are on record. Currency Exchange and Payment Transaction Fees are the primary driver. The others are multi-Currency Account Services and alternative Banking Platform.
Who are Argentex Group's main competitors?
Direct peers on record are Moneycorp, Corpay (formerly Cambridge Global Payments), OFX, Ebury and Convera. Broad incumbents are Wise, Western Union Business Solutions and Revolut Business. Emerging players are Currencycloud (Visa Cross-Border Solutions) and Kantox.
Does Argentex Group have an API?
Yes. Argentex provides PSD2-compliant Open Banking APIs enabling Third Party Providers (TPPs) to connect for providing aggregation and other services to customers. The API includes sandbox testing environments and production APIs for UK and EU regions. UK developer portal at developer.argentex.com/uk and EU developer portal at developer.argentex.com/nl. API maintains minimum 99.0% uptime per month and 97.0% per any one day. Developer documentation is at developer.argentex.com/uk.
What industry is Argentex Group in?
Argentex Group's product category is Foreign Exchange Services. Its primary akta.pro industry code is FSAFADAC, Multibank FX Trading Platforms, with a secondary code of FSAFADAH, FX Matching & Aggregation Venues (Liquidity Aggregators). Its NAICS code is 5231 and its SIC code is 6211.