BusinessNext has raised $40 million in a Series C funding round from ServiceNow Ventures, valuing the Indian banking software company at approximately $700 million, according to Reuters. Through the investment, ServiceNow acquired roughly a 5% interest in BusinessNext. The companies will also form a strategic partnership focused on expanding and governing artificial intelligence tools used by financial institutions.
BusinessNext plans to use the funding primarily to strengthen its sales organization and expand distribution. Its initial geographic priorities include Southeast Asia and Australia.
The company develops autonomous banking technology designed to help financial institutions personalize services, respond to customer requests and automate internal operations.
BusinessNext has more than 120 customers, including State Bank of India and HDFC Bank. It competes with financial technology and customer engagement software providers including Freshworks.
The company has generated more than $50 million in annual revenue for multiple years and employs approximately 1,300 people.
BusinessNext CEO Nishant Singh said the company’s current priority is international expansion rather than an initial public offering. Its long-term ambition is to operate within banks worldwide.
The partnership will connect BusinessNext’s autonomous AI tools with ServiceNow’s AI Control Tower. The centralized system is designed to help enterprises monitor, manage and govern AI models and agents.
This integration could give banks greater visibility into how BusinessNext’s AI agents operate, what data they access and whether their actions comply with organizational rules.
Financial institutions are increasingly adopting AI systems to automate customer service, personalize product recommendations and reduce the time employees spend on routine processes.
ServiceNow’s investment follows growing demand for its own AI-enabled enterprise software. The company recently raised its annual subscription revenue forecast after reporting quarterly revenue and earnings above expectations.
