Banking tech company BusinessNext raises $40M from ServiceNow
The investment by ServiceNow into BusinessNext will see both companies together building a technology platform that will increase the levels of autonomy for the banking industry
Workplace management software company ServiceNow has announced an investment of $40 million in BusinessNext, a Noida-headquartered technology firm focused on banking and financial services industry.
The Series C round has valued BusinessNext at $700 million and is aimed at strengthening the company's efforts to drive autonomous operations and private AI solutions across banking and financial services.
“Today, as AI has matured, this investment will further accelerate our efforts to deliver Private AI solutions, meeting the unique needs of banking and financial services, helping ensure the highest level of security while meeting all regulatory governance frameworks and sovereignty aspects,” said Nishant Singh, CEO, BusinessNext.
“India's financial services sector is at an inflection point — institutions are moving from digital experimentation to full-scale AI-led operations. ServiceNow's investment in BusinessNext is a direct bet on that transformation, bringing together deep banking intelligence and enterprise-grade AI orchestration to help Indian banks and insurers move faster, serve customers better, and operate with far greater efficiency," said Kulmeet Bawa - GVP & Managing Director, India & SAARC, ServiceNow.
Following this funding round, BusinessNext and ServiceNow will work together to build an unified autonomous operating fabric for financial services enterprises, tapping into a market that is expected to grow to $3.59 billion by 2035 with a CAGR of 20.28% according to the Market Research Future report.
BusinessNext manages customer-facing acquisition, engagement, and real-time customer signals, while ServiceNow's Financial Services Operations platform orchestrates middle and back-office operations.
BusinessNext has presence across 10 countries with its tech platform deployed over 75,000 branches, contact centres and digital customer touchpoints. It counts SBI, HDFC Bank, Kotak Bank among its customers.