NMI announced it has acquired Dwolla, expanding its embedded payments platform with advanced account-to-account (A2A), real-time payments, FedNow and payout capabilities.
The acquisition combines NMI’s payment acceptance, onboarding and merchant lifecycle management infrastructure with Dwolla’s API-first platform for A2A payments, real-time payments, open banking and many-to-many funds flow. Through the combined platform, ISOs, ISVs, SaaS platforms and enterprise customers will be able to accept, manage and move money across multiple payment rails using a single infrastructure provider.
With the addition of Dwolla, NMI said the combined company will process nearly $700 billion in annual transaction volume. More than 400 Dwolla customers will join NMI’s ecosystem, strengthening the company’s position in embedded money movement infrastructure.
The deal comes as A2A payments continue gaining momentum globally. According to Juniper Research, global A2A transaction value is expected to grow from $91.5 trillion in 2025 to $195 trillion by 2030, fueled in part by the expansion of real-time payment systems.
Dwolla’s capabilities will enhance NMI’s existing embedded payments infrastructure by adding bank payments, real-time payments, payouts and more sophisticated funds flow models. The combined platform is designed to support use cases including marketplace seller payouts, loan disbursements and repayments, payroll, B2B payments and supplier payments across industries such as property management, healthcare, insurance and lending.
As part of the transaction, approximately 60 Dwolla employees will join NMI. Dwolla CEO Dave Glaser will become Chief Operating Officer of NMI and join the company’s executive leadership team.
NMI said Dwolla represents its sixth acquisition in recent years as the company continues expanding its embedded payments platform across the full payment lifecycle, from onboarding through payout functionality.
Financial terms of the transaction were not disclosed.
KEY QUOTES:
“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.
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.”
Steve Pinado, CEO, NMI
“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.”
Dave Glaser, CEO, Dwolla
