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NMI delivers a modular payment acceptance platform and secure gateway solutions, enabling businesses to manage diverse payment types across channels. Its offerings include embedded payment solutions, merchant relationship management tools for CRM and underwriting, and a flexible payment gateway. This technology establishes the infrastructure for secure, efficient payment acceptance.
Matthew Schmidgall and Nick Starai co-founded NMI in the early 2000s. Driven by nascent demand for efficient digital payment systems, they saw an opportunity to build a foundational platform. This allowed businesses to integrate payment capabilities as online shopping and digital transactions developed, addressing a market need.
NMI serves Independent Sales Organizations, software companies, banks, and payment facilitators, supplying tools to build and scale their payment services. Its vision centers on leading in embedded payments, innovating to provide partners flexibility and power to thrive in the financial ecosystem and unlock new revenue opportunities.
NMI is a leading technology company specializing in embedded payments infrastructure, providing a white-label payment gateway and processing solutions that enable ISOs, SaaS providers, and software vendors to integrate seamless payments across ecommerce, mobile, in-person, and unattended channels.[1][2][3] It powers over $440 billion in annual payment volume and 5.8 billion transactions for more than one million active merchants, offering tools for merchant onboarding, underwriting, CRM, and revenue sharing while emphasizing security, scalability, and flexibility with 125+ shopping cart integrations and 200+ processor options.[2][3][4] With 660 employees headquartered in Schaumburg, Illinois, NMI serves businesses seeking to monetize payments without building from scratch, driving growth through cloud-based, omnichannel solutions.[1][2]
Founded in 2000, NMI started as a payment processing innovator and evolved into a full-stack embedded payments platform through key milestones like certifying the world’s first EMV kernel for self-service devices, launching the first EMV chip card solution for mobile, and releasing P2PE encrypted solutions.[2] Pivotal moments include acquiring USAePay to expand omnichannel offerings, passing $1.2 billion in transaction volume, launching a Cloud API for EMV integrations, and gaining support from investors like Francisco Partners and Great Hill Partners, followed by backing from Insight Partners.[2] Under former CEO Vijay Sondhi (2018–2025), the company scaled dramatically—from $45 billion in annual payments volume and 550 million transactions to $440 billion and 5.8 billion—via five acquisitions enhancing in-person, online, and mobile capabilities; Steven Pinado succeeded him as CEO on September 2, 2025.[4]
(Note: A smaller Michigan-based "NMI Technology" exists for general IT services like web dev and tech support, but it lacks scale or relevance to payments.[5])
NMI rides the embedded finance wave, where payments integrate natively into software platforms, fueled by rising demand for frictionless, omnichannel experiences amid digital commerce growth and merchant expectations for speed.[3][4] Timing aligns with post-2020 fintech maturation, regulatory shifts on liability, and proliferation of mobile/in-app payments, positioning NMI to capitalize on $440B+ volumes via acquisitions and tech like EMV/contactless.[1][2][4] It influences the ecosystem by democratizing advanced payments for ISOs/SaaS (e.g., enabling revenue streams without in-house builds), fostering innovation in unattended/self-service verticals, and supporting global PE-backed scale in a market projected for continued embedded expansion.[2][3]
Under new CEO Steven Pinado, NMI is primed for accelerated growth in embedded payments, building on 10x merchant expansion and five acquisitions to deepen modularity for AI-driven fintech and global expansion.[4] Trends like real-time payments, stricter regulations, and unattended commerce will shape its path, with its PE backing enabling further M&A and innovations in P2PE/security.[2][4] NMI's influence could evolve from gateway leader to dominant enabler, powering even larger volumes as businesses prioritize seamless, revenue-generating payments—solidifying its role in transforming commerce infrastructure.[3][4]
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Dec 22, 2014 | Utkarsh Micro Finance | $20.9M Other Equity | Commonwealth Development Corporation, Lok Capital | Aavishkaar |
