Business Post – February 12^th, 2026

Progress Systems, an Irish fintech that provides software to hundreds of credit unions across Ireland and Britain, has secured a multimillion-euro investment from a trio of high-profile backers.

Melior Equity Partners, Goodbody Capital Partners and the Ireland Strategic Investment Fund (Isif) are collectively making the equity investment in Progress Systems Limited – a company set up more than 20 years ago.

The deal’s financial details were not disclosed. But Melior, an Irish private equity firm which has allocated hundreds of millions worth of funding, typically makes investments of €5 million to €30 million, according to a post on its website.

Progress, controlled by Tom Owens and Leo McCarthy, describes itself as the “largest provider of credit union banking software in Ireland and the fastest growing supplier in the UK”. It has delivered software to more than 220 credit unions across the UK and the island of Ireland.

Progress currently employs 72 people and is expecting to grow its headcount to more than 100 in the next three to five years, according to a statement from Melior.

The company has achieved double-digit revenue growth in each of the last five years, Melior’s statement said. It reported revenues of €15.5 million and pre-tax profits of €3.95 million in its most recent financial period, which ended May 31, 2025.

Under the terms of the investment, Owens and McCarthy will remain as shareholders in the business, with Owens staying in his role as group chief executive. Several other senior managers at Progress are also being given shares in the firm as part of the transaction.

The investment has been welcomed by Robert Troy, minister of state at the Department of Finance, who said it was “testament to the growth opportunities” for companies in the credit union sector.

“It is particularly positive that it is coming from within Ireland, reflecting the brand strength credit unions have throughout the country,” Troy said.

He added that “innovation in digital banking services is crucial for the credit union sector, in order to meet member expectations and further compete in a digital world”.

Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey, who both previously co-led the Irish investment activities of US investor Carlyle Group.

The firm has bought a series of businesses on the island of Ireland – including AA Ireland, Blair’s Holiday Parks and BHP Insurance – from a €160 million fund it raised in 2022.

Jonathan Dalton, managing director at Melior Equity Partners, said his firm was “very pleased” to be partnering with the “superb team” at Progress Systems.

“The credit union movement is a critical pillar in supporting economic activity, employment and social inclusion across Ireland and the UK and we are proud to be part of its future development,” he said.

Owens welcomed the investment from “leading, long-term-focused Irish investment institutions”.

“With this investment from Melior, the Ireland Strategic Investment Fund and Goodbody, we will ensure that credit unions have the tools they need to deliver outstanding service to their members and to compete in a digital-first world,” he said.