Altura Credit Union part of €10 million ‘Metamo’ collaboration
ALTURA Credit Union is one of 16 of Ireland’s largest credit unions who have announced a €10 million collaboration with the Irish financial technology company Fexco.
The collaboration will see the formation of a new 50:50 joint venture between the 16 investing credit unions, incorporated under the name MetaCU, and Fexco which will be called Metamo.
The new company will have a focus on product and technology development for the sector. Participating credit unions will also be able to access stronger collective bargaining power at market level. Metamo will offer services to all other credit unions in the country who are not part of the joint venture in order to support the continued development of the sector.
Barry Monaghan, General Manager of Altura Credit Union said:
‘This is an exciting day for Altura Credit Union which I am convinced will allow us to provide an improved service and set of products to our members. Altura Credit Union is an integral part of several communities around Wicklow and Wexford and becoming part of the Metamo joint venture will mean we can modernise to keep pace with other financial service providers.’
Wexford Credit Union, Thurles Credit Union, Limerick and District Credit Union and Savvi Credit Union Dublin are also among the 16-member credit unions of the MetaCU entity.
MetaCU credit unions represent over 480,000 members from across the country, including 32,000 from Altura Credit Union, and have combined assets of over €3 billion which is around 19% of the sector. Metamo will be based in Kerry with offices in Dublin.
Altura Credit Union has six locations across North Wexford and Co Wicklow and its common bond area stretches right along the east coast from south Bray to Curracloe in Wexford, and inland towards Ferns and Tullow.
The Altura Credit Union branch in Carnew.