Indian banking software program agency BusinessNext has raised $40 million in a Collection C funding spherical from ServiceNow Ventures, valuing the Noida-based firm at $700 million.

The transaction offers ServiceNow a stake of about 5% in BusinessNext, Reuters reported. ServiceNow Ventures is the investment arm of the US enterprise software group.

The contemporary capital will likely be used to develop BusinessNext’s autonomous banking platform, strengthen its non-public AI capabilities and broaden gross sales operations in Southeast Asia and Australia.

“Autonomous banking isn’t a imaginative and prescient we’re chasing, it’s a class we have now been constructing for years,” founder and CEO Nishant Singh mentioned.

The funding can also be anticipated to deepen the partnership between BusinessNext and ServiceNow. Their applied sciences will likely be built-in to assist monetary establishments deploy and oversee AI-powered operations.

ServiceNow’s AI Management Tower will help the monitoring and governance of AI brokers used by means of the BusinessNext platform, giving banks better visibility over their fashions and automatic techniques.

BusinessNext develops software program for buyer administration, lending, collections, digital banking and workflow automation.

Its expertise is utilized by multiple million banking professionals, in accordance with the agency. BusinessNext serves greater than 120 monetary establishments, together with State Financial institution of India and HDFC Financial institution.

The corporate beforehand raised $16 million in a Collection B spherical in 2021, co-led by Avataar Enterprise Companions and Ascent Capital.