Pictured at the launch of Metamo today 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, last week, 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 the collaboration would result in improved service and excellent 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, 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.
“Credit Union members will benefit from enhanced products and services, more efficient operations and improved service delivery.