BusinessNext Secures $40M Series B from ServiceNow Ventures at $700M Valuation to Accelerate Autonomous AI Banking Globally
What is the news?
Banking software startup BusinessNext has raised $40 million in a Series B funding round from ServiceNow Ventures, the corporate venture arm of US cloud provider ServiceNow. The round values the enterprise AI company at $700 million nearly quadrupling its previous valuation of $181 million reported in 2021. As part of the investment deal, ServiceNow acquired approximately a 5% equity stake.
Why is it interesting?
Founded by Nishant Singh, BusinessNext builds specialized, AI-powered enterprise software tailored for banks and financial service providers. Its suite of tools is currently used by more than 1 million bankers across 75,000+ financial branches globally. The platform powers major institutional players including HDFC Bank, Axis Bank, IndusInd Bank, and Kotak Mahindra Bank, competing in the financial software market alongside global peers such as Salesforce, Freshworks, and LeadSquared.
BusinessNext plans to utilize the fresh injection of capital to bolster its autonomous banking suite, advance its Private AI capabilities for security-sensitive institutions, and aggressively execute international expansion plans across Southeast Asia, Australia, and New Zealand.
Read more: BusinessNext raises $40 Mn from ServiceNow Ventures at $700 Mn valuation