ServiceNow Takes 5% Stake in BusinessNext at $700 Million Valuation
The deal pairs BusinessNext’s AI banking agents with ServiceNow’s AI Control Tower to add governance for banks, accelerating BusinessNext’s push into overseas markets.
Overview
- ServiceNow Ventures invested $40 million to buy about a 5% stake in BusinessNext in a Series C that values the Indian banking‑software firm at $700 million.
- The partnership will integrate ServiceNow’s AI Control Tower to monitor, govern and observe BusinessNext’s AI agents so banks can manage model behavior and compliance.
- BusinessNext said it will use the funds to strengthen sales and expand distribution in Southeast Asia and Australia to reach more banks outside India.
- Reporting notes a revenue discrepancy: BusinessNext’s CEO says annual revenue has been above $50 million, while third‑party filings show operating revenue near $32 million for the latest year.
- BusinessNext serves major lenders including the Reserve Bank of India, State Bank of India and HDFC Bank, and the tie-up gives ServiceNow a deeper entry into automated banking workflows amid wider industry demand for AI‑first tools.