Digital workflow automation company ServiceNow has invested $40 million into BusinessNext, an India-based autonomous operating platform for banking and financial services.
The Series C round values the banking technology provider at $700 million. The investment was made through ServiceNow Ventures, which according to Reuters, has picked up a stake of approximately 5% in BusinessNext through the deal.
Through the deal, the two companies have entered into a partnership that will focus on combining their respective technologies to develop “a unified autonomous operating fabric for financial services enterprises”, a joint statement confirms.
ServiceNow will use its Financial Services Operations (FSO) platform to manage middle and back-office functions, including case management, complaints handling, and AI workflows, while BusinessNext will handle customer-facing acquisition, engagement, and real-time customer signals.
The two will be brought together via ServiceNow’s AI Control Tower, which supports integrations with AWS, Microsoft, and Nvidia, with the resulting product to target financial services enterprises in the Asia-Pacific (APAC) region specifically.
Nishant Singh, CEO and co-founder of BusinessNext, describes the market opportunity in this region as “enormous”, and confirms that the investment will be used to fund go-to market efforts and further development of AI solutions.
BusinessNext, formerly CRMNext, says it currently services around one billion end customers and one million bankers globally through its platform, which combines customer relationship management, digital lending, and workflow automation tools.
The company previously bagged a $7 million Series A investment from Norwest Venture Partners in May 2014, followed by a $16 million Series B funding round co-led by Avataar Ventures and Ascent Capital in July 2021.
