UK-based IFX Payments, a cross-border payments provider, has been considering withdrawing its takeover offer for Argentex.
IFX Payments consulted with the UK Takeover Panel about invoking the insolvency condition of its takeover offer for Argentex. The consideration comes as the British currency risk management company appointed administrators for the company and its subsidiaries due to a funding deficit, with its main trading unit having stopped operations. Argentex has applied to the court to have operating subsidiary Argentex LLP placed into special administration under UK payment and electronic money institution insolvency regulations.
The company experienced an almost complete collapse in market value after it suspended trading in April 2025. It then agreed to a takeover deal with IFX, with its shareholders receiving 2.49 % per share, valuing the company at approximately GBP 3 million. Under the terms of the deal, IFX reserved its right to withdraw its offer for Agentex if any insolvency process was initiated, awaiting consultation with relevant authorities. In May 2025, Argentex mentioned that it secured a GBP 20 million loan from IFX, revealing that several of its board members had resigned.
Other news from IFX Payments
In June 2025, the company partnered with Form3 to leverage its Verification of Payee (VoP) solution for SEPA accounts, aiming to strengthen its defences against payment fraud and align with the Instant Payments Regulation mandate.
This enables the UK company to verify payees before the transactions are executed, remaining compliant with the VoP scheme going live in October 2025, implemented by the European Payments Council. The scheme aims to reduce fraud and payment errors by verifying that the payee’s details match their PSP’s records for the given IBAN. This process occurs before the payment is executed, providing additional assurance that the funds are being sent to the correct account holder.
