Fexco and 16 leading credit unions embark on €10m joint venture
Kerry-based financial services group Fexco and 16 of Ireland’s largest credit unions have embarked on a €10m collaboration.
The aim of the joint venture, called Metamo, is to support credit union viability and sustainability by providing customs with modern financial products.
Metamo will also develop more efficient operating systems for credit unions in areas like process improvement, risk management and technology delivery.
The 16 credit unions represent over 480,000 members from across the country and have combined assets of over €3bn, or just under 20pc of the sector.
The initial focus of the collaboration will be to identify and produce products and solutions required by credit union customers.
Metamo will offer these solutions to all other credit unions in Ireland who are not part of the joint venture in order to help sustain the sector.
Joe O’Toole, chairperson of MetaCU – the entity comprising of 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.”
The credit unions involved in the joint venture are:
|DubCo||Dublin & nationwide|
|Limerick & District||Limerick|
|Skibbereen & Bandon||Cork|
|St Francis Ennis||Clare|
|St Paul's Garda||Nationwide|