ServiceNow Invests $40 Million in BusinessNext to Expand AI Banking Software Strategy

ServiceNow has invested $40 million in Indian banking software company BusinessNext, expanding its push into AI-powered financial services through a strategic partnership aimed at accelerating global growth. The investment values the Noida-based company at approximately $700 million and gives ServiceNow a stake of about 5%.

The deal strengthens an existing relationship between the two companies and is designed to combine ServiceNow’s enterprise workflow platform with BusinessNext’s banking software. Rather than selecting a financial investor, BusinessNext chose ServiceNow to gain access to the U.S. company’s global sales network and expand its presence in international markets.

Strategic partnership targets global banking customers.

BusinessNext serves more than 70 banks across India, Southeast Asia, the Middle East and the United States. Its customers include the Reserve Bank of India, State Bank of India and HDFC Bank. The company generated approximately $32 million in revenue in its latest financial year and says nearly half of its business already comes from overseas markets.

Founder and CEO Nishant Singh said the partnership will allow BusinessNext to leverageServiceNow’ss global go-to-market capabilities in regions where it has a smaller footprint. He described the investment as a strategic partnership supported by funding rather than a traditional financial investment.

"Think of it as a strategic partnership, which is cemented with funding," Singh said.

Companies plan to expand AI-powered banking software

BusinessNext develops software that manages customer-facing banking operations, while ServiceNow specialises in workflow automation and back-office systems. The companies plan to jointly offer these complementary capabilities to financial institutions as banks continue expanding AI adoption.

ServiceNow India and SAARC Managing Director Kulmeet Bawa said financial institutions are moving from digital transformation toward AI-led operations. He said the partnership combines ServiceNow’s enterprise workflow platform with BusinessNext’s banking expertise to support that transition.

Founded in 2002 as CRMNext before rebranding in 2022, BusinessNext has spent several years developing what it describes as an autonomous banking platform. The platform uses AI agents to automate banking workflows while keeping customer data on private AI infrastructure to meet regulatory and privacy requirements.

Investment supports international expansion.

BusinessNext employs more than 1,300 people and was previously valued at $181 million in 2021, according to Tracxn. The company has raised more than $60 million from investors including Avataar Ventures, Norwest Venture Partners and Ascent Capital.

The investment comes as enterprise software providers face increasing pressure to demonstrate the value of traditional software platforms amid growing competition from AI-native products. For ServiceNow, the partnership expands its financial services portfolio by adding a specialist in AI-driven banking software while extending its enterprise software strategy through investments and strategic partnerships.