Business

Covecta raises $6.5m to speed up business lending with AI platform

Published

3 hours ago

September 17, 2025

Vriti Gothi

By Vriti Gothi

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Digital Banking

covecta

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.

Covecta’s answer is an “agentic AI” platform that sits on top of existing banking infrastructure. Instead of requiring banks to rip out legacy technology, it integrates with incumbent systems and deploys specialised AI agents that coordinate workflows across departments. The platform is available via web and desktop apps and can be deployed within weeks, offering a plug-and-play alternative to years-long tech 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 boosted efficiency, sharpened risk analysis, and improved decision-making.

Founded by Scott Wilson, Ben Thomas, and Abdul Hummaida, Covecta’s leadership brings a mix of industry and technical expertise. Wilson previously scaled revenue at Mambu and helped expand Finastra in the U.S., Thomas spent over a decade advising banks on digital transformation at McKinsey and Accenture, while Hummaida has led AI engineering teams at AppSense and Orgvue.

Backers of the platform say its potential stretches far beyond business lending. Covecta plans to expand into asset management, wealth management, and other areas of financial services, aiming to become what it calls an “AI operating system” for the industry.

The investment marks growing confidence in AI-driven solutions that promise not just process optimisation but a rethink of how financial professionals spend their time. For banks under pressure to improve customer service and reduce costs, the question is no longer whether AI will change financial services but how quickly platforms like Covecta can scale.

FintechOS, Tech Mahindra team up to modernise banking systems

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Workday to acquire Swedish AI company Sana for $1.1bn

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Business

South Africa to launch AI-powered electronic travel authorisation system

Published

1 hour ago

September 17, 2025

The Editors

The system will be officially unveiled by Minister of Home Affairs, Leon Schreiber at the Tourism Business Council of South Africa’s annual conference.

According to the government, the platform will initially process tourist visa applications for short stays of up to 90 days.

By the end of September, the system will go live at Johannesburg’s OR Tambo International Airport and Cape Town International Airport, before gradually expanding to other ports of entry and additional visa categories.

Minister Schreiber has described the initiative as a critical step toward eliminating inefficiencies and fraud: “Over time, the ETA will be expanded to more visa categories and rolled out at more ports of entry. This scale-up will continue until no person can enter South Africa without obtaining a digital visa through the ETA.”

A shift from paper to digital

The ETA builds on promises made by President Cyril Ramaphosa during his February State of the Nation Address, where he pledged to digitize immigration processes.

However, questions remain about the future of South Africa’s existing e-Visa portal, which currently serves over 30 countries.

Authorities have yet to confirm whether the ETA will replace or operate alongside the e-Visa system, raising concerns over possible duplication for travelers.

Africa’s need for openness

While the ETA aims to strengthen security and streamline border processes, experts say South Africa’s move also highlights a broader challenge: African countries remain less open to each other than to the rest of the world.

Intra-African visa restrictions have long been cited as a barrier to deeper trade and tourism links.

Greater openness, facilitated by modern systems like ETA, could help African nations unlock the full potential of the African Continental Free Trade Area (AfCFTA).

Easier cross-border movement would not only boost tourism but also support small businesses, regional logistics, and labor mobility, which are all essential for building competitive economies on the continent.

The bigger picture

South Africa’s ETA may be a milestone for its tourism and border security, but its broader significance lies in setting a regional precedent.

As African countries digitize entry systems, the real opportunity lies in aligning these policies to make cross-border travel smoother for African citizens.

If deployed strategically, ETA systems could help turn Africa’s longstanding vision of free movement, and by extension stronger intra-African trade, into a practical reality.

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Business

Workday to buy AI company Sana for $1.1bn

Published

2 hours ago

September 17, 2025

Laura Varley

The acquisition will enable the organisation to extend its AI capabilities.

US-based Enterprise software company Workday has announced plans to acquire AI platform Sana, in a deal valued at $1.1bn. By acquiring Sana, Workday aims to leverage the company’s AI knowledge and further itself amid a landscape that is focused on AI innovation.

“Sana’s team, AI-native approach and beautiful design perfectly align with our vision to reimagine the future of work,” said Gerrit Kazmaier, the president for product and technology at Workday.

He added, “This will make Workday the new front door for work, delivering a proactive, personalised, and intelligent experience that unlocks unmatched AI capabilities for the workplace.”

Under the terms of the definitive agreement, Workday will acquire all of the outstanding shares of Sana for approximately $1.1 bn. The deal is expected to close in the fourth quarter of the fiscal year in 2026.

The acquisition comes amid a time in which organisations across the globe are racing to implement AI technologies to address and even assume the challenges that arise in the workplace.

For example, in the past few months alone French technology services company Capgemini acquired US-based WNS to extend its AI reach. Aryza, a Dublin-based SaaS provider acquired conversational artificial intelligence provider Webio for an undisclosed sum and OpenAI said it was buying Io, an AI start-up founded by former Apple design chief Jony Ive and several former Apple engineers.

Several governments too have unveiled broad spectrum plans to incorporate artificial intelligence into their national strategies, with a focus on business growth and improving the lives of citizens.

But significant concerns have been raised about AI’s potential to replace humans in the workforce, as agentic AI tech is further developed and topics of ‘onboarding AI’ become more mainstream.

Forrester vp and principal analyst Craig Le Clair recently discussed the issue of ‘AI employees’, explaining that AI-led layoffs are not far off and that he would expect job descriptions for an AI agent to be a reality by 2027.

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