Covecta has raised $6.5 million to expand its AI-powered platform, aiming to help banks automate workflows, accelerate lending, and free frontline staff from administrative burdens.
Despite years of digital transformation spending, commercial loan applications can still take as long as six months to process, with loan officers spending more than 150 hours on a single case.
Financial institutions remain stuck managing disconnected systems — from loan origination tools and CRMs to public registers and core banking platforms — forcing staff to juggle tasks that should be seamless.
