Covecta raises $6.5 million to speed up business lending on AI platforms

By Vriti Gothi

Covecta has raised $6.5 million to expand its AI-powered platform. It aims for banks to automate workflows, accelerate lending, and automate frontline staff from management.

Despite years of digital transformation spending, commercial loan applications can take up to six months to process, with lenders spending more than 150 hours on a single case. Financial institutions continue to manage disconnected systems, from loan origination tools and CRMSs to public registers and core banking platforms.

Covecta's answer is the “agent AI” platform above the existing banking infrastructure. Instead of asking banks to rip legacy technologies, they deploy specialized AI agents that integrate with existing systems and coordinate workflows across departments. The platform is available via web and desktop apps, and can be deployed within weeks, providing plug-and-play alternatives to years of technology overhauls.

The company's first major client, Metro Bank, has already reported a 60-80% reduction in task completion times since adopting Covecta. The bank says the technology has increased efficiency, reduced risk analysis and improved decision-making.

Founded by Scott Wilson, Ben Thomas and Abdul Hunmaida, Covecta's leadership brings a combination of industry and technical expertise. Thomas, who previously expanded Mamb's revenue and helped expand Finastra in the US, advised the banks on the digital transformation of McKinsey and Accenture for over a decade, while Hunmaida led the AI ​​engineering teams at Appsense and Orgvue.

Platform backers say the possibilities are far beyond business lending. Covecta is planning to expand into other areas of asset management, asset management and financial services, aiming to become what is known as the industry's “AI operating system.”

This investment shows an increased confidence in AI-driven solutions that not only handle optimizations, but also promise to rethink what financial professionals are spending their time. For banks under pressure to improve customer service and reduce costs, the question is not whether AI will change financial services, but how quickly platforms like Covecta can expand.