NMI Acquires Dwolla, Strengthening Its Embedded Payments Platform With Advanced Money Movement Capabilities

NMI®, a global leader in embedded payments infrastructure, 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.

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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. As part of the acquisition, approximately 60 Dwolla employees will join NMI and Dave Glaser, CEO of Dwolla, will join NMI’s executive leadership team as Chief Operating Officer. 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.

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