Pepper Money, one of the UK’s leading specialist mortgage lenders, has selected Covecta, the agentic AI platform built exclusively for financial services, to support this next phase of its AI strategy to deliver faster, more consistent outcomes for brokers placing complex cases. Under a multi-year agreement, Covecta will be embedded across Pepper Money’s First Charge and Second Charge mortgage operations.
The partnership marks one of the most ambitious agentic AI deployments seen in UK specialist lending to date. The initial focus will cover their DIP, Full Mortgage Application Screening, Pre-Completion Review and Post-Close Review processes. With subsequent phases to extend into the long-term ambition of an AI-first operating model across the Pepper Money technology stack.
Pepper Money expects the deployment to free up meaningful operational capacity per year when at full scale, allowing the business to absorb forecast volume growth, accelerate broker turnaround times, and deepen the breadth of underwriting that has long defined its market position. For brokers, this will mean clearer decisions earlier in the process and greater confidence in placing more complex clients.
“Pepper Money has always focused on supporting customers whose circumstances may not fit the high street, and that depends on combining specialist expertise with the right technology.
Our partnership with Covecta is about improving how we work, creating more capacity for our teams, and helping us deliver a faster, more consistent experience for brokers and customers that supports good customer outcomes. Importantly, it allows our people to stay focused on the areas where human judgment and experience matter most.”
Laurence Morey, Chief Executive Officer, Pepper Money
“Pepper Money is exactly the partner we built Covecta for Pepper Money is a sophisticated specialist lender that values pace, rigour and broker & customer outcomes in equal measure. UK financial services have been held back by slow-moving incumbents and horizontal AI platforms that simply do not understand regulated FS workflows. Covecta closes that gap. Working with Pepper Money, we are showing what is possible when key parts of the mortgage workflow, from DIP to Full Mortgage Application Screening to Pre-Completion Review, are reimagined around purpose-built agents. This is a defining moment for UK specialist lending, and we are proud to be doing it with one of the most respected lenders in the market.”
Scott Wilson, Founder and Chief Executive Officer, Covecta
