A group of Ireland’s largest credit unions have today announced a €10 million collaboration with Irish based, international financial technology company Fexco in the formation of a new joint venture to be named Metamo.
Metamo is a 50:50 joint venture between the 16 investing credit unions incorporated under the name MetaCU and Fexco, one of Ireland’s largest financial services companies. MetaCU credit unions represent over 480,000 members from across the country and combined assets of over €3 billion (c.19% of the sector).
The primary objective of Metamo is to support credit union viability and sustainability through the provision of a more complete and modernised suite of financial products including enhanced lending capabilities. Metamo is also uniquely positioned to develop more efficient operating systems for credit unions in areas like process improvement, risk management and technology delivery.
Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe TD, commented:
“Credit unions hold a unique and special standing as one of the most trusted brands in the country. They continue to provide invaluable services to local communities promoting financial inclusion. I am delighted to see collaboration within the sector that will support its continued viability and sustainability. Members of all credit unions stand to benefit from the enhanced products and services, more efficient operations and improved service delivery that Metamo will provide.
Collaborative efforts for the sector can come in many forms and I am encouraged by, and supportive of, the many projects designed to drive the sector forward, including the venture being launched by Metamo. I would like to congratulate the credit unions and Fexco on this initiative and to wish them every success into the future.”
The initial focus of the venture is on collaboration between Fexco and the investing credit unions to identify and develop products and solutions required by members. Metamo will offer these solutions to all other credit unions in the country who are not part of the joint venture in order to sustain the continued development of the sector.
Joe O’Toole, Chairperson of MetaCU – the entity comprising the 16 credit unions investing in Metamo – said:
“Metamo brings unprecedented scale to any previous sector initiative and signals a new and exciting development in the financial services industry. The company will deliver new income streams and improved processes for the investing credit unions and has the potential to transform the entire sector.
“We identified Fexco as our partner based on their familiarity with the sector, having provided foreign exchange services to credit unions for over 20 years. In addition, we will benefit from Fexco’s technical expertise and commercial delivery focus. For Metamo, Fexco is a natural fit.
“The multi-million euro investment by the credit unions and Fexco in the establishment of Metamo is a significant vote of confidence in the future of these credit unions.”
Denis McCarthy, CEO of Fexco commented:
“Participating in Metamo allows Fexco to leverage two of our key strengths; strategic investment and new product development. Like the credit unions, Fexco understands the value of supporting local communities, indeed we remain loyal to Killorglin where the company was first founded, employing close to 1,000 staff there today.
We enjoy a longstanding relationship with the credit union sector in Ireland having provided foreign exchange services to them for over two decades. I look forward to broadening the scope of that work through the establishment of Metamo which, through strong collaboration, will ultimately safeguard the sector while delivering better products for members.”
Metamo is based in Kerry with offices in Dublin. The company is currently actively recruiting its senior management team having appointed Neil Hosty as CEO in 2019. Neil has over 20 years’ experience in the financial services sector and has held various senior executive positions in the Irish and US banking sectors.
Credit unions are held in high regard by Irish consumers, providing the best customer experience in the country according to Amárach Research, and topping the 2018 Reptrak survey measuring the level of public trust in an organisation.*
More information is available at www.metamo.ie
MetaCU Member credit unions:
|DubCo||Dublin & nationwide|
|Limerick & District||Limerick|
|Skibbereen & Bandon||Cork|
|St. Francis Ennis||Clare|
|St. Paul’s Garda||Nationwide|