Big tech move announced by Kildare credit union
A Kildare credit union is one of sixteen who have announced a major project to try and improve their services.
People First Credit Union, which has an office in Athy, is one of 16 of Irish credit unions who have today announced a €10 million collaboration, equivalent to €21 per member, with Irish based, international financial technology company, Fexco, in the formation of a new joint venture to be named Metamo.
Metamo is based in Kerry with offices in Dublin.
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.
It said 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.
Initially founded as Portlaoise Credit Union in 1969, People First has now grown to serve 40,000 members in Laois and Kildare after mergers with Abbeyleix Credit Union and Athy Credit Union in 2015 and 2017 respectively. It employs 44 staff members across branches in Abbeyleix , Athy, Portlaoise and Stradbally.
The credit union said 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 40,000 from People First Credit Union - and combined assets of over €3 billion (about 19% of the sector).
Sean Dunne, CEO of People First Credit Union said this was an exciting day for People First Credit Union as our collaboration with Metamo will allow us to expand our service and product range which we provide to members. “We can further develop and streamline our services and products while keeping pace with other financial service providers.”
Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe said he was delighted to see collaboration within the sector that will support its continued viability and sustainability. He congratulated the credit unions and Fexco on this initiative and to wish them every success into the future.
Joe O’Toole, Chairperson of MetaCU said the investment by the credit unions and Fexco in the establishment of Metamo is a significant vote of confidence in the future of these credit unions.
Denis McCarthy, CEO of Fexco said it enjoyed a longstanding relationship with the credit union sector in Ireland having provided foreign exchange services to them for over two decades.More information is available at www.metamo.ie