St. Paul’s Garda Credit Union now part of Metamo – a joint venture between 16 of Ireland’s largest Credit Unions and Fexco

At the launch of Metamo were Joe O’Toole (Chair, MetaCU), Brendan O’Leary (C.E.O. St. Paul’s), Denis McCarthy (C.E.O. Fexco).

St. Paul’s Garda Credit Union is one of 16 of Ireland’s largest credit unions who 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.

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 30,500 from St. Paul’s Garda Credit Union – and combined assets of over €3 billion.

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. Paul’s Garda Credit Union in areas like process improvement, risk management and technology delivery.

Metamo will:

  • support credit union sustainability,
  • improve efficiency,
  • research and develop new products and services for credit unions,
  • support them in offering a wider range of financial products to their members,
  • establish a central shared services hub to improve delivery capability for credit unions.

Minister of Finance Paschal Donohoe TD was at the official launch event and had this to say about the new joint venture:

“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.  Members of all credit unions stand to benefit from the enhanced products and services, more efficient operations and improved service delivery that Metamo will provide. Collaborative efforts for the sector can come in many forms and I am encouraged by, and supportive of, the many projects designed to drive the sector forward, including the venture being launched by Metamo. I would like to congratulate the credit unions and Fexco on this initiative and to wish them every success into the future.”

Brendan O’Leary, CEO of St. Paul’s Garda Credit Union also welcomed the new initiative:

“This is an exciting day for St. Paul’s Garda Credit Union which I am convinced will allow us to enhance our service and products to the benefit of our members, both serving and retired, nationwide. Becoming part of the Metamo joint venture will mean we can modernise to keep pace with other financial service providers.”

Metamo is based in Kerry with offices in Dublin. The company is currently actively recruiting its senior management team having appointed Neil Hosty as CEO in 2019. Neil has over 20 years’ experience in the financial services sector and has held various senior executive positions in the Irish and US banking sectors.

Over time a number of exciting new products and services will become available from St. Paul’s through our involvement with Metamo, and we are looking forward providing you with updates as they occur.