New York, NY – May 19, 2026 – NMI®, a global leader in embedded payments infrastructure, today announced it has acquired Dwolla, one of the best-known account-to-account (A2A) payment infrastructure providers, recognized for its API-first approach to money movement.
The acquisition brings together NMI’s strengths in payment acceptance, channel distribution, onboarding and merchant lifecycle management with Dwolla’s API-first capabilities in account-to-account infrastructure, real-time payments, open banking and many-to-many funds flow. The addition of Dwolla technology integrates further payment acceptance, orchestration and money movement capabilities into NMI’s white-labeled, embedded payments platform. ISOs, ISVs, SaaS platforms and other enterprises can now accept, manage and move money across more rails and more use cases through one infrastructure provider, from sign-up to payout.
The acquisition also adds meaningful scale to NMI, creating a combined business that processes close to $700 billion in annual transaction volume. With more than 400 Dwolla customers joining NMI’s ecosystem, the acquisition strengthens NMI’s position as an embedded money movement infrastructure provider.
A2A payments are gaining momentum globally as businesses and consumers seek faster, more flexible ways to move money across business and consumer use cases. Juniper Research projects that global A2A transaction value will reach $195 trillion by 2030, up from $91.5 trillion in 2025, driven in part by the continued growth of real-time payment systems.
Steve Pinado, CEO of NMI, 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.”
Dave Glaser, CEO at Dwolla said:
“Companies embedding payments into their products are under pressure to support more rails, faster payouts and greater visibility. Dwolla was built to help businesses operate bank payments at scale through an API-first infrastructure layer that unifies ACH and real-time rails while standardizing status, exception handling and reporting. By joining NMI, we can bring those capabilities to a broader ecosystem of partners, while giving Dwolla customers access to NMI’s omnichannel payment acceptance capabilities, through a single, flexible, white-label platform. Together, we can help software companies, payments professionals and fintech innovators deliver more ways to pay and move money with less complexity.”
NMI will continue to support Dwolla’s existing customers and partners as it integrates Dwolla’s capabilities into the NMI platform. His appointment will support continuity for Dwolla customers, partners and employees while helping lead the integration of Dwolla’s capabilities into NMI’s embedded payments platform.
Pinado continued:
“We’re thrilled to welcome Dave and the Dwolla team to NMI. They bring deep expertise in A2A payments and open banking, strong customer relationships and a proven track record in building trusted money movement infrastructure at scale. Bringing our teams together strengthens NMI not just as a platform, but as a company with the talent, focus and momentum to lead the future of embedded payments.”
The combination creates clear value across both companies’ customer and partner ecosystems. NMI partners, including ISOs, ISVs, PayFacs and financial institutions, can build on NMI’s existing payment acceptance, onboarding and merchant lifecycle management capabilities by adding bank payments, real-time payments, payouts and more sophisticated funds flow models. This helps them win new types of business, deepen customer relationships and create new revenue opportunities without adding more vendors or rebuilding their payment infrastructure. These expanded capabilities support sophisticated payment flows, including marketplace seller payouts, loan disbursements and repayments, payroll, B2B payments and supplier payments, while helping partners serve industries such as property management, healthcare, insurance and lending. Developers gain access to expanded API-first infrastructure for building across card, bank, real-time and emerging payment rails. Dwolla customers will continue to use the bank payment infrastructure, team and support they trust, while gaining access to NMI’s broader payment acceptance capabilities, including credit, debit, prepaid, HSA/FSA, mobile, in-app, online, in-store and unattended payments.
Dwolla marks NMI’s sixth acquisition in recent years, reflecting a deliberate strategy to extend its embedded payments platform across the full lifecycle from sign-up to payout. NMI has continued to invest in the capabilities partners need to manage and scale payments, including acceptance, onboarding, merchant lifecycle management, risk and managed acquiring. With Dwolla, NMI is adding a new layer of money movement with modern A2A payments and payouts that help partners support more ways to accept, move and manage money through a single platform.
Berenson & Company served as financial advisor to NMI and Keefe, Bruyette & Woods, A Stifel Company, acted as exclusive financial advisor to Dwolla. Financial terms were not disclosed.
About NMI
NMI is powering the next generation of embedded payments with its modular payment acceptance platform and industry-leading gateway. Processing over $600 billion annually, we enable SaaS platforms, ISOs, PayFacs and banks to transform payments into a strategic advantage, driving growth, loyalty and new revenue streams.
Our modular, white-label platform puts partners in control, whether embedding payments into software or delivering payment services at scale. From no-code to full control API integrations, and from underwriting to compliance and risk monitoring, NMI handles the complexity so partners can focus on what matters most: their customers.
More than 6,000 technology partners trust NMI to deliver seamless, scalable payment experiences across online, in-app, in-store, mobile and unattended environments. However you are building the future of commerce, build it with NMI. NMI is backed by three global private equity firms that specialize in payments and financial technology investments: Francisco Partners, Insight Partners, and Great Hill Partners. Learn more at nmi.com.
About Dwolla
Dwolla is a trusted leader in payment services with 16+ years of industry expertise, powering innovation with sophisticated account-to-account payment solutions.
Dwolla’s easy-to-implement API simplifies the complexity of integrating with ACH and real-time payment networks to deliver a single end-to-end solution. Hundreds of SMBs and Fortune 500 companies rely on Dwolla’s technology.
For businesses seeking to streamline payment processes, reduce errors and scale operations, Dwolla provides the infrastructure to build what’s next in money movement. Learn more at dwolla.com.