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.
The initiative is a 50:50 joint venture between the 16 investing credit unions incorporated under the name MetaCU and Fexco. 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.
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.
Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe said, "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."
CEO of Fexco, Denis McCarthy added, "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."