# Covecta

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/covecta

- Industry: Software
- Headquarters: London, UK
- Website: www.covecta.io/
- Total disclosed funding: $6.5M
- Latest round: Seed (Aug 21, 2025)
- Investors on record: 1

## About

Founded in 2024 and based in London, UK, Covecta Ltd is focused on delivering AI-driven solutions for financial services. Scott Wilson (CEO), Ben Thomas (CRO), and Abdul Hummaida (CTO) are the co-founders of the company. In September 2025, Covecta Ltd raised USD 6.5 million in seed funding led by new investor Salesforce Ventures. Covecta's core offering is the configurable AI platform designed specifically for financial institutions. This platform enables organizations to automate and streamline mission-critical activities through customizable AI workflows, reducing the time spent on manual tasks. Key functionalities include automated assessments of companies, funds, and industries; policy reconciliation; covenant testing; and the generation of memos and proposals. The platform targets front-line teams in financial institutions, allowing them to enhance customer engagement by freeing up time for higher-value interactions. Covecta serves a diverse client base that includes banks, investment firms, and other financial service providers, primarily within the European and North American markets. Covecta operates on a subscription-based revenue model, offering its platform to financial institutions through various pricing plans tailored to the needs of its clients. Clients typically engage in annual contracts that provide access to the full suite of services, including customizable AI workflows and automated solutions. The company plans to utilize the September 2025 funding to accelerate business loan processing through its AI-driven platform.

## Funding rounds

- Seed, Aug 21, 2025, $6.5M — Salesforce Ventures

## Investors

- Salesforce Ventures (https://capitalatlas.ai/funds/salesforce-ventures) — Seed