The acquired solutions include onboarding, underwriting and risk monitoring offerings of Agreement Express.
Buying Agreement Express’s payments tools has allowed NMI to facilitate transactions from sign-up to pay-out for its merchants and channel partners.
The deal also enables NMI to offer tailored risk scoring, automated data collection, compliance monitoring, know your customer (KYC), anti-money laundering (AML), as well as fraud screening capabilities to its ISVs, ISOs and fintech partners.
It will not bring changes to the ownership of Agreement Express’s wealth management arm, which will remain owned by private equity firm Frontier Growth.
The deal comes shortly after NMI bought Iris CRM in January this year. Through this acquisition, NMI has been able to offer sign-up and onboarding for merchants, among others.
NMI CEO Vijay Sondhi said: “NMI continues to push the boundaries beyond traditional payments, and this acquisition exemplifies exactly that.
“Bringing together NMI with Agreement Express addresses market demand for simplifying underwriting and will allow us to deliver more value per merchant to our partners.”
Currently, NMI is said to enable payments for more than 3,500 partners and over 277,000 merchants across the globe.
In July last year, J.P. Morgan selected NMI to boost its card-present payments business in Europe.
Agreement Express CEO Dave O’Brien said: “Coming together with NMI was a natural fit and creates added value through a new distribution channel to not only our joint partners, but also the broader market.
“As the payments landscape continues to evolve, companies are looking for new ways to scale with modular solutions and bringing together our solutions provides even more freedom of choice.”