BusinessNext Reaches $700M Valuation After ServiceNow Investment
Synopsis
The Indian fintech software company raised $40 million from ServiceNow Ventures to accelerate expansion across Southeast Asia and Australia.
The ServiceNow BusinessNext stake investment has valued Indian banking software company BusinessNext at $700 million, after ServiceNow Ventures invested $40 million for a 5% equity stake.
The capital injection will enable the company to expand its operations in Southeast Asia, Australia, the Middle East, Africa and North America, as well as intensify software collaboration with banks and financial institutions.
The investment will provide ServiceNow Ventures with a minority stake in BusinessNext, a developer of customer relationship management (CRM), lending and digital banking software. It has over 1.5 million users in more than 30 countries, including banks, insurers and financial services providers, the company said.
Expansion Plans Extend Across Australia and Global Markets
The new capital will allow the company to expand in key markets such as Australia, Singapore, Indonesia, Vietnam, the United Arab Emirates, Saudi Arabia, Kenya, South Africa, the United States and Canada, BusinessNext said. In 2020, the company was formed from Newgen Software.
The companies will also deploy BusinessNext's banking applications on ServiceNow's enterprise workflow platform, enabling financial institutions to handle customer service, lending and operational processes via interconnected software systems.
Enterprise AI Spending Continues to Rise
While banks have been ramping up their investments in technology, the ServiceNow BusinessNext stake investment is the latest. Grand View Research estimates that the global AI in fintech market will be worth US$14.13 billion in 2025, with a surge in investments in automation, compliance, and customer management systems.
According to business next's last financial reports, its income rose to approximately US$16 million for the year ended March 2025 from the US$11.6 million it had the previous year. Net profit also improved to US$3 million, up from US$2.3 million a year ago.
BusinessNext Chief Executive Nishant Singh said the investment is to help the company expand its international business.
The partnership brings together BusinessNext's banking software expertise and ServiceNow's enterprise AI platform for financial services customers, said Colin Fleming, Managing Director at ServiceNow Ventures.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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