NMI has acquired Dwolla in a deal intended to extend its embedded payments platform with account-to-account (A2A) capabilities, real-time payments, FedNow connectivity and payout tools.
Financial terms were not disclosed.
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In a statement, NMI said the acquisition combines its payment acceptance, channel distribution, onboarding and merchant lifecycle management capabilities with Dwolla’s API-first A2A infrastructure.
The company plans to integrate Dwolla’s technology into “NMI’s white-label embedded payments platform”. This will enable partners to support more payment rails and use cases through a single provider, from onboarding through payouts.
The combined offering is aimed at ISOs, ISVs, PayFacs, financial institutions, SaaS platforms and other enterprises seeking to add bank payments, real-time payments, payouts and more complex fund flow models alongside card acceptance.
The acquisition also increases NMI’s scale. NMI said the combined business processes close to $700bn in annual transaction volume.
More than 400 Dwolla customers will join NMI’s ecosystem, as a result of this transaction.
NMI CEO Steve Pinado said: “This acquisition is a continuation of our strategy to build the most robust, white-label, embedded payments platform for our channel and enterprise partners.
“Dwolla gives us modern, API-first A2A infrastructure that strengthens our ability to help businesses accept, manage and move money across more use cases and more rails. It also gives NMI a stronger foundation to participate in the next generation of money movement, including agentic payments, stablecoin-enabled settlement, remittances and other emerging payment models.
“Together, we can help our partners deliver more choice, flexibility and control over how money moves through one single platform.”
The company added it will continue supporting Dwolla’s existing customers and partners while integration work progresses. Around 60 Dwolla employees will join NMI as part of the transaction.
Dave Glaser, CEO of Dwolla, will join NMI’s executive leadership team as chief operating officer, with responsibilities that include supporting continuity for Dwolla stakeholders and helping lead the integration.
The Dwolla purchase is NMI’s sixth acquisition in recent years, as it aims to expand embedded payments capabilities across the full lifecycle, from sign-up to payout.
