Cara Credit Union In New Joint Venture With Fexco

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Joe O’Toole (Chair, MetaCU), Pat Duffy (Cara Credit Union), Denis McCarthy (CEO, Fexco)
at the launch of Metamo, on Thursday in Dublin.

CARA Credit Union are one of 16 of Ireland’s largest credit unions who have today announced a €10 million collaboration with Killorglin 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 Cara Credit Union’s 43,000 members with combined assets of over €3billion (c.19% of the sector).

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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.

Pa Laide, CEO of Cara Credit Union said: “This collaboration with Fexco and credit unions is an important milestone for Cara Credit Union and for our members in Tralee, Castleisland and Killorglin.

This joint venture is particularly significant for Cara Credit Union and Killarney Credit Union who are also part of this venture.

Not only is Fexco based within our common bond in Killorglin but they are the world leader in innovative Fintech, Payments and Business Solutions. From a members’ prospective nothing will change, we are still independently owned and managed locally by our members. But by working together with Fexco and credit unions, these shared services will bring us closer to becoming the primary provider of financial services to all our members,” he said.

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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.”

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 approximately 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.”

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