New Delhi, July 23 -- Banking software provider BusinessNext has raised $40 million (Rs 386.1 crore) in its Series C funding round from ServiceNow Ventures, the corporate venture capital arm of American software company ServiceNow, as the company looks to expand its artificial intelligence-powered platform for financial institutions.
The round valued the Noida, Uttar Pradesh-based company at $700 million, it said in a statement Thursday.
The company said it plans to use the fresh capital to strengthen its autonomous banking platform and accelerate the adoption of its private AI offerings for banks and financial services firms.
It also said it will work with ServiceNow to build a unified autonomous operating platform for financial services enterprises by combining its banking-specific AI capabilities with ServiceNow's enterprise workflow platform.
"Autonomous banking is not a vision we are chasing-it is a category we have been building for years. 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 while ensuring the highest levels of security and regulatory compliance," said Nishant Singh, chief executive officer of BusinessNext.
Kulmeet Bawa, group vice president and managing director for India and SAARC at ServiceNow, said the investment reflects the firm's conviction that financial institutions are moving from digital transformation to AI-led operations.
BusinessNext, operated by Acidaes Solutions Pvt Ltd, started in 2008. It develops software for banks and financial institutions covering customer relationship management, lending, collections, digital banking and AI-led workflow automation.
The company rebranded from CRMNext to BusinessNext in 2021 to reflect its focus on cloud-native banking technology and artificial intelligence. Today, it says its platform is deployed across more than 75,000 bank branches, serves over one million banking professionals, and powers services for more than one billion end customers globally.
The company's last institutional funding round came in 2021, when it raised $16 million in a Series B round led by Avataar Venture Partners and Ascent Capital, with participation from existing investor Norwest Venture Partners.
Published by HT Digital Content Services with permission from VC Circle.