NMI has acquired Dwolla, an A2A payment infrastructure provider known for its API-first approach, in a move that extends NMI's embedded payments platform across additional rails and money movement use cases.
The deal brings together NMI's capabilities in payment acceptance, channel distribution, merchant onboarding, and lifecycle management with Dwolla's infrastructure for A2A transfers, real-time payments, Open Banking, and many-to-many funds flow. Together, the combined entity will process close to USD 700 billion in annual transaction volume, with more than 400 Dwolla customers joining NMI's ecosystem. Financial terms of the transaction were not disclosed.
Strategic rationale and market context
A2A payments have been gaining traction globally as businesses and consumers seek faster and more flexible alternatives to card-based transactions. Juniper Research projects that global A2A transaction value will reach USD 195 trillion by 2030, up from USD 91.5 trillion in 2025, driven in part by the continued expansion of real-time payment systems. NMI's acquisition of Dwolla positions the combined company to capitalise on this growth by offering a unified infrastructure covering card, bank, and real-time rails through a single, white-labelled platform.
Dwolla represents NMI's sixth acquisition in recent years, continuing a deliberate strategy to extend its platform across the full payment lifecycle, from merchant sign-up through to payout. Prior investments have focused on acceptance, onboarding, merchant lifecycle management, risk, and managed acquiring. The addition of Dwolla introduces a dedicated A2A and payouts layer to this stack.
Platform capabilities and partner impact
For NMI's existing partners, including independent sales organisations (ISOs), independent software vendors (ISVs), payment facilitators (PayFacs), and financial institutions, the acquisition adds access to bank payments, real-time payouts, and more complex funds flow models without requiring additional vendor relationships or infrastructure rebuilds. Use cases enabled by the combined platform include marketplace seller payouts, loan disbursements and repayments, payroll, B2B payments, and supplier payments. The platform is also positioned to serve industries such as property management, healthcare, insurance, and lending.
Dwolla's existing customers will retain access to the bank payment infrastructure, support, and team they currently use, while gaining access to NMI's broader omnichannel acceptance capabilities, spanning credit, debit, prepaid, HSA/FSA, mobile, in-app, online, in-store, and unattended payments.
Looking further ahead, a company official noted that the combined platform is intended to support emerging payment models including agentic payments, stablecoin-enabled settlement, and remittances.
Leadership and integration
As part of the acquisition, approximately 60 Dwolla employees will join NMI. Dave Glaser, formerly chief executive of Dwolla, will join NMI's executive leadership team as chief operating officer, a role intended to support continuity for Dwolla's customers, partners, and staff during integration.
Berenson & Company served as financial adviser to NMI. Keefe, Bruyette & Woods, a Stifel company, acted as exclusive financial adviser to Dwolla.
