London, 16 June 2026
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 and Pre-Completion Review and Post-Close Review processes. With subsequent phases to extend 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 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 judgement 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 has 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
About Pepper Money
Pepper Money UK offers a full range of specialist residential first, buy to let and second charge mortgage products to customers whose requirements may be underserved by traditional high street banks and building societies.
A market leader in its target markets, Pepper Money UK uses financial inclusion as its guiding principle, providing affordable home loans to a wide group of customers, including those who have experienced credit problems, are self-employed, work as contractors, earn variable income or simply because their circumstances require a more considered approach.
Pepper Money UK offers its products exclusively through intermediaries.
Pepper Money UK is authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.pepper.money
About Covecta
Covecta is the only agentic AI platform purpose-built for banks, Building Societies, Specialist Lenders and Private Credit.
Backed by Salesforce Ventures and built by a team with deep financial services and AI expertise, Covecta has emerged as a category-defining alternative to horizontal AI platforms that struggle with the regulatory rigour, auditability and workflow specialism required by UK lenders.
Covecta's LLM-agnostic architecture, financial services-native agent skills and zero IT-dependency deployment model allow regulated lenders to scale their operations without scaling their cost base. Covecta is live with customers across the UK and the United States.
For more information, covecta.io
Media Contacts
Scott Wilson, CEO
scott@covecta.io | +44 7786551818
Phil GreenMarketing, Director
Phil.Green@pepper.money
