- Founders: Scott Wilson, Ben Thomas, and Abdul Hummaida
- Sector: Artificial Intelligence
- Location: London, United Kingdom
The Opportunity
Despite billions spent in recent years on digital transformation, business and commercial banking at financial institutions remain shockingly manual. For example, today, a single commercial loan can take up to 180 days to process, with loan officers spending 150+ hours working on each application. This inefficiency means relationship managers and loan officers must dedicate a majority of their time to admin work instead of higher-value tasks like relationship building and deal origination.
Making matters worse, front-, mid-, and back-office professionals typically juggle dozens of disconnected tools and applications across their day-to-day activities and tasks. Many specialized systems (e.g. Loan Origination Systems, CRMs, Public Registers, Core Banking, etc.) are not integrated, forcing teams to stitch together workflows that should be seamless. This makes business development activities, customer and industry analysis, prospect research, and many other tasks a major challenge to manage efficiently and effectively. The gap between digital transformation investment and worker productivity remains one of banking’s largest unsolved problems.
The Solution
Covecta is an agentic AI platform that sits atop a financial institution’s existing tech stack and can also be accessed via a web or desktop app. Rather than requiring organizations to rip-and-replace their existing vendors, Covecta’s intelligent orchestration layer deploys specialized pre-built AI agents that operate across incumbent systems — understanding complex users needs and automatically coordinating workflows that previously required manual intervention from different users.
Covecta’s AI agents are capable of automating workflows across multiple financial operations — spanning financial due diligence, loan processing and monitoring, transactional data analysis, web and enterprise search etc. Further, Covecta’s plug-and-play architecture can deliver value in just a few weeks compared to traditional banking solutions that typically require years of implementation. This rapid impact has already been proven in production with Covecta’s first customer, Metro Bank, a top 10 UK financial institution. Metro Bank achieved a 60-80% time reduction per task after implementing Covecta, with significant improvements in team efficiency, decision-making, and risk analysis.
At the heart of Covecta’s value proposition is its focus on augmenting employees rather than simply optimizing processes. The platform enables front, mid, and back office professionals to focus on high-value activities like relationship building and complex decision-making while AI agents handle the administrative burden that has plagued the industry for decades.
Why We’re Backing Covecta
Covecta’s founding team of Scott Wilson, Ben Thomas, and Abdul Hummaida have experienced firsthand the paradox of modern banking: billions invested in technology with minimal impact on worker productivity. Scott scaled revenue operations at Mambu across EMEA — where revenue grew 4x to €130M during his tenure — and led U.S. market expansion at Finastra, helping banks transform their core banking platforms. Ben spent more than a decade at McKinsey and Accenture guiding financial institutions through digital transformations, only to see frontline productivity remain stagnant despite massive infrastructure upgrades. Abdul possesses the technical expertise to build the right solution, with deep AI knowledge and experience leading engineering teams at multiple startups, including AppSense and Orgvue.
Financial Services represents a multi-trillion-dollar global market in dire need of digital transformation that actually works for the people on the ground. Covecta will be transformative for the entire industry by automating the administrative burden that consumes financial services professionals’ time, enabling traditional banks, specialist lenders, and building societies to reallocate human capital toward higher-value tasks while dramatically reducing operational costs.
What’s Ahead
Covecta is building toward an AI operating system for the entire financial services sector, with plans to expand into asset management, wealth management, and other verticals.
We’re thrilled to partner with Scott, Ben, Abdul, and the entire Covecta team on their $6.5M funding round as they work to transform how financial institutions approach worker productivity. Their ability to deliver rapid ROI through non-disruptive transformation, combined with their deep domain expertise and technical excellence, positions them to become the intelligence layer that powers the future of financial services.
Welcome to Salesforce Ventures, Covecta!
