Bengaluru/Mumbai, July 23 -- Autonomous banking platform BusinessNext has raised $40 million in a Series B round from ServiceNow Ventures, the venture capital arm of US-based cloud computing software company ServiceNow.

The new round has led investors to bump the company's valuation to $700 million, significantly higher than its last reported valuation of $181 million in 2021. With the investment, ServiceNow will hold roughly a 5% stake in the Noida-based company.

".what this investment does is give us market access very quickly," said company chief executive and co-founder Nishant Singh, in an interview with Mint. "We get access to the entire go-to-market structure that ServiceNow has, which is a large team across several geographies."...