Commerce enablement technology company, NMI, has acquired the Sphere Commercial Division. The acquisition will strengthen NMI’s underwriting and risk management capabilities. In addition, it will allow NMI partners, including independent software vendors, independent sales organisations and fintech innovators, to create merchant accounts within the existing NMI platform.
NMI says that some 67% of merchants see payments as a highly strategic area of focus right now. But they often require an outside partner that offers diverse payment capabilities to help them identify which payment tools to invest in and to support with implementation of those tools.
Adding Sphere’s Commercial Division underwriting and risk management capabilities will allow NMI partners to monetise more of the value chain by offering additional payment capabilities to their merchants. NMI’s partners will still be able to use their own merchant accounts as they always have. However, this acquisition will give partners another option to create a merchant account through the NMI platform. This enables them to offer the increased flexibility that merchants demand.
‘A game changer for partners and their merchants’
“The addition of Sphere’s Commercial Division allows us to add yet another module to our stack of payment enablement tools. This provides our partners with the modularity and choice to better customise payment experiences for their merchants,” said Vijay Sondhi, CEO of NMI.
“These added capabilities of underwriting, risk management and merchant account creation are a game changer, not only for our partners but also for their merchants in the race to provide the most convenient, painless experience for end consumers.”
Tom Bannon, COO and President, Sphere Commercial Division, added: “It is a natural fit to combine our capabilities with NMI’s platform. Our vision aligns well with NMI’s goal to provide partners access to any and all the payment capabilities they could need. Partners today are looking to own as much of the payments ecosystem as possible. We are adding another layer to that by combining forces with NMI. Our risk management and underwriting capabilities fit very nicely into NMI’s vision of full commerce enablement as we give partners the choice and ownership they crave.”
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NMI acquired Agreement Express’ payments solution in December 2022. This enhanced NMI’s merchant sign-up offerings. The latest deal adds to NMI’s growth. It supports over 3,900 ISV, ISO and fintech partners. This enables 280,000+ merchants on the platform, resulting in more than 2.3 billion transactions and $200bn+ in payments volume.