NMI Acquires Dwolla to Enhance Embedded Payments with Advanced A2A Capabilities

NMI, backed by Insight Partners (since 2021), Francisco Partners (since 2017), and Great Hill Partners (since 2014), a prominent player in embedded payments infrastructure, has acquired Dwolla, a well-established account-to-account (A2A) payment technology provider known for its API-first approach. The acquisition, announced on May 19, 2026, combines NMI’s expertise in payment acceptance and merchant lifecycle management with Dwolla’s advanced real-time payments, FedNow, and payout capabilities.

While financial terms were not disclosed, the deal brings together over 400 Dwolla customers and approximately 60 employees who will join NMI. Dwolla’s CEO, Dave Glaser, will assume the role of Chief Operating Officer at NMI, ensuring continuity and leadership during the integration process.

NMI processes over $600 billion in annual transaction volume, and with the addition of Dwolla’s technology and client base, the combined platform will handle close to $700 billion. This scale positions NMI as a leading embedded money movement infrastructure provider, offering a unified platform that supports payment acceptance, orchestration, and money movement across multiple rails.

Founded as a modular, white-label payments platform, NMI serves ISOs, ISVs, SaaS platforms, and financial institutions, enabling them to embed payments seamlessly into their products. Dwolla, with more than 16 years of industry experience, specialises in simplifying bank payments through an API-first infrastructure that unifies ACH and real-time payment networks.

Steve Pinado, CEO of NMI, emphasised the strategic importance of the acquisition: “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.”

Dave Glaser, CEO of Dwolla, added, “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.”

The acquisition aligns with growing global trends favouring A2A payments, which Juniper Research projects will reach $195 trillion in transaction value by 2030, driven by the expansion of real-time payment systems. NMI’s enhanced platform now supports sophisticated payment flows such as marketplace payouts, loan disbursements, payroll, B2B payments, and supplier payments, serving industries including property management, healthcare, insurance, and lending.

Financial advisors for the transaction included Berenson & Company for NMI and Keefe, Bruyette & Woods, a Stifel Company, for Dwolla. The integration will focus on unifying the API-first infrastructure to provide partners with a seamless experience from onboarding to payout, reducing complexity and expanding revenue opportunities.

Looking ahead, NMI plans to leverage the combined technology and talent to accelerate innovation in embedded payments and money movement — building on a strong institutional foundation established through the backing of Insight Partners, Francisco Partners, and Great Hill Partners since 2014. The company aims to maintain strong customer relationships while expanding its addressable market and product offerings.

As the embedded payments sector continues to evolve rapidly, this acquisition strengthens NMI’s competitive position and signals further consolidation and innovation in the space.