Pictured at the launch of Metamo are (l to r): Denis McCarthy (CEO, Fexco), Minister for Finance Paschal Donohoe, Claire Lawton (St Canice’s Credit Union), Joe O’Toole (Chair, MetaCU)
St Canice’s Credit Union is one of 16 of Ireland’s largest credit unions who have 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 – including 67,500 from St Canice’s Credit Union - and combined assets of over €3billion (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 St Canice’s in areas like process improvement, risk management and technology delivery.
Claire Lawton, manager of St Canice’s Credit Union said: "This is an exciting day for St Canice’s Credit Union which I am convinced will allow us to provide an improved service and set of products to our members.
"St Canice’s Credit Union is an Integral part of communities in counties Kilkenny, Laois and Carlow, and becoming part of the Metamo joint venture will mean we can modernise to keep pace with other financial service providers."
Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe TD, added:“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.