NMI
NMI (Network Merchants Inc.) is a private embedded payments infrastructure company providing white-label payment acceptance, merchant lifecycle management, and embedded lending to 6,000 channel partners and 1.2 million active merchants processing over $500 billion annually.
- Company typePrivate
- Founded2003
- HeadquartersRoselle, United States
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What NMI does
NMI (Network Merchants Inc.) is a private embedded payments infrastructure company founded in 2003 and headquartered in Schaumburg, Illinois, with additional offices in Cape Town, South Africa and Des Moines, Iowa. The company provides a modular, white-label payments platform that enables Independent Sales Organizations (ISOs), software and SaaS platforms, banks, and payment facilitators to embed payment acceptance, merchant lifecycle management, underwriting, boarding, residuals management, fraud protection, and embedded lending under their own brand. NMI's core technology stack is pre-integrated with 150+ payment processors, 300+ EMV device certifications, and 125+ shopping carts, and includes automated underwriting engines (ScanX, MonitorX), network tokenization (Customer Token Vault), and AI-driven fraud detection. The company processes $502B+ in annual payment volume across 1.5 billion transactions and serves 1.2 million active merchants through 6,000 channel partners globally. Recent acquisitions of Dwolla (account-to-account payments, real-time payments, FedNow, open banking) and Fee Navigator (AI pricing intelligence) have expanded the platform's reach to nearly $700B in combined annual volume.
The platform is organized around three core products—NMI Payments, Merchant Central (formerly IRIS CRM), and the NMI Payment Gateway—augmented by modules for pipeline management, sign-up and onboarding, merchant underwriting, boarding, reporting, residuals management, helpdesk support, and Business Capital (embedded lending powered by Parafin with Celtic Bank as issuer). NMI monetizes through a mix of transaction-based processing fees, residuals/revenue share with partners, SaaS/platform fees for CRM and value-added modules, and commissions on embedded financing. Pricing is custom and quote-based, with monthly billing on processing volumes and pay-as-you-go structures on lending products. The company is privately held and backed by Insight Partners following a $620 million growth investment in September 2021. Additional office locations include a Cape Town office opened in May 2024 and Des Moines operations integrated from the Dwolla acquisition. NMI is led by CEO Steven Pinado, who assumed the role in September 2025 with a stated focus on open banking, AI, and blockchain.
NMI firmographics
Firmographics- Name
- NMI
- Legal name
- Network Merchants Inc.
- Website
- https://nmi.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- NMI (Network Merchants Inc.) is a private embedded payments infrastructure company providing white-label payment acceptance, merchant lifecycle management, and embedded lending to 6,000 channel partners and 1.2 million active merchants processing over $500 billion annually.
- Ownership category
- akta.pro rank
NMI industry classification
Industry- Product category
- Embedded Payments Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Sales Financing (52222), Consumer Lending (522291)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Personal Credit Institutions (6141)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Smart Routing, Cascading & Payment Optimization (FSAMACAJ), BNPL Card / Virtual Card Programs (FSAKACAC), Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)
Keywords
Where NMI is headquartered
LocationHeadquarters
- HQ city
- Roselle
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
NMI business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction Processing Revenue: Revenue from processing payment transactions across card, bank, and real-time payment rails for merchants. Partners share in net payment revenue.
- Revenue Sharing (Residuals): Partners earn revenue share based on payment volume processed through their merchant portfolios. ISO agents receive residuals based on merchant performance.
- Business Capital Commission: Partners earn commission on funded loans provided to merchants through the embedded lending program. Loans are issued by Celtic Bank and managed by Parafin.
- SaaS/Platform Fees: Platform fees for Merchant Central CRM, gateway services, and other modular payment solutions offered to channel partners
- Gateway and Value-Added Services: Fees for payment gateway functionality, tokenization, fraud protection, and other value-added services
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Custom enterprise pricing based on merchant volume and partner type |
| Transaction based/ take rate | Pay-as-you-go | Business Capital - transparent fixed fee with no compounding interest |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
NMI product offering
Product offeringCore offering
NMI provides a modular, white-label embedded payments infrastructure platform that enables Independent Sales Organizations (ISOs), software/SaaS platforms, banks, and payment facilitators to accept card, bank, and real-time payments, onboard and underwrite merchants, manage the full merchant lifecycle, and monetize payment services. Core components include the NMI Payments acceptance platform, the Merchant Central payments CRM and merchant management suite, and the NMI Payment Gateway, complemented by modules for underwriting (ScanX/MonitorX), boarding (TurboApp), residuals, fraud protection, and embedded lending (Business Capital).
Product overview
NMI is a global embedded payments infrastructure platform offering a modular, platform-plus-modules architecture. The core products include NMI Payments (all-in-one customizable payments acceptance platform), Merchant Central (payments CRM and merchant management solution, formerly IRIS CRM), and the Payment Gateway (white-label payment acceptance solution). These are supported by a suite of modules including Pipeline Management, Sign-Up & Onboarding, Merchant Underwriting (with ScanX and MonitorX), Merchant Boarding (with TurboApp), Reporting & Insights, Residuals Management, Helpdesk & Merchant Support, and Business Capital (embedded lending powered by Parafin). The platform enables ecommerce, in-person, mobile, and unattended payments through integrations with 200+ processors, 125+ shopping carts, Apple Pay, Google Pay, and tap-to-pay solutions. Recent acquisitions include Dwolla (account-to-account infrastructure for real-time payments and open banking) and Fee Navigator (AI-powered pricing intelligence).
Differentiator
Problem solved
Functional benefit
Brands
- Merchant Central: Payments CRM and merchant management platform for ISOs, banks, and software providers. Formerly known as IRIS CRM. Enables merchant onboarding, underwriting, pipeline management, boarding, reporting, residuals management, helpdesk, and Business Capital.
- NMI Payments
- NMI Payment Gateway
- Business Capital
- ScanX
- MonitorX
- Tap to Pay
- iProcess
Products and services
- NMI Payments
Quantifiable outcome
- Reduces 'not in good order' applications by 30%
- +5 more outcomes
Companies that use NMI
Customer profileNamed customers8 records
Segments5 records
Ideal customer profiles4 records
NMI technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration19 records
AI capability6 records
Feature9 records
NMI partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered major and core.
- Fee NavigatormajorAcquired AI-powered pricing intelligence platform for payments companies. Adds tools for ISOs, agents, and software vendors to analyze merchant statements and recommend optimized pricing strategies.
- DwollamajorAcquired account-to-account payment infrastructure provider to expand NMI's embedded payments platform with real-time payments, FedNow, and open banking capabilities. Nearly $700 billion combined annual transaction volume.
- ParafincorePartnership to offer embedded financing to over one million merchants through NMI's reseller network. Parafin provides financing infrastructure while NMI integrates capital offerings into its platform.
- MastercardcoreTechnology partnership for Tap to Pay on iPhone solution built on Mastercard's Cloud Commerce technology. Enables contactless payment acceptance without additional hardware.
- ShopifycoreEnhanced Shopify integration for secure connections between Shopify merchant accounts and NMI payment processing, including advanced security features like 3D Secure.
- FiservcoreProcessor integration for merchant boarding and reporting through Fiserv AccessOne Omaha, AccessOne North platforms.
- TSYScoreProcessor integration for merchant boarding through TSYS ELAPP, Express and PPM platforms with automated onboarding support.
- WorldpaycoreProcessor integration for merchant boarding through Worldpay MAG (formerly Vantiv) enabling multi-processor submission from single platform.
- ElavoncoreProcessor integration for automated merchant application submission and activation through Elavon's payment processing network.
- PaysafecoreProcessor integration for merchant boarding through Paysafe iAccess platform for automated application submission.
- Priority PaymentscoreProcessor integration for merchant boarding through Priority Payments MXConnect for automated onboarding workflows.
- ClearentcoreProcessor integration for merchant boarding and payment processing setup through Clearent's payment technology platform.
- NuveicoreProcessor reporting integration for consolidated portfolio visibility across Nuvei processing accounts.
- RepaycoreProcessor reporting integration for consolidated portfolio visibility and dispute management across Repay processing.
Scale indicators14 records
Recent moves7 records
Expansion highlights7 records
NMI competitors and assessment
Company assessmentDirect peers
- Stripe: Stripe is the leading global payments platform with a deep developer-first stack and Stripe Payments for Platforms serving SaaS marketplaces and platforms — directly overlapping with NMI's ISV and embedded payments offering. Both compete for ISV-embedded payments volume, though Stripe is materially larger and reaches developers directly.
- Finix: Finix is a payments-as-a-service provider enabling software platforms to embed payments and monetize transactions — directly comparable to NMI's ISV/SaaS offering. Both target software companies looking to embed payment acceptance and offer merchant-of-record infrastructure.
- Stax: Stax (formerly Fattmerchant) provides embedded payments infrastructure for SaaS platforms and ISVs, with transparent subscription pricing and an integrated gateway — closely comparable to NMI's channel-partner-led embedded payments model.
- Spreedly: Spreedly is a payments orchestration platform enabling merchants to connect to multiple gateways and processors through a single integration — directly comparable to NMI's multi-processor gateway orchestration across 150+ connections.
- Primer: Primer is a payment orchestration and infrastructure platform providing smart routing, unified transaction logic, and processor failover — overlapping with NMI's payment gateway and processor-agnostic architecture.
- Gr4vy: Gr4vy is a cloud-native payment orchestration platform offering no-code orchestration, smart routing, and token vaults — comparable to NMI's gateway and Customer Token Vault offering for channel partners.
Broad incumbents
- Adyen: Adyen is a global unified payments platform combining gateway, processing, and risk management serving enterprise merchants and platforms — a broader incumbent that increasingly competes in embedded payments for large SaaS platforms where NMI also competes.
- Checkout.com: Checkout.com is a global payments processor offering gateway, acquiring, and orchestration services with embedded payments capabilities — a broad incumbent with overlapping reach into SaaS-platform payment enablement.
- Block (Square): Block (Square) operates a broad commerce and payments ecosystem including Square seller products, Cash App, and developer APIs — overlapping with NMI in in-person payments (Tap to Pay), embedded payments, and merchant services.
- PayPal (Braintree): PayPal's Braintree division provides a developer-first gateway supporting multiple payment methods, with embedded commerce APIs — a broad incumbent competitor to NMI's gateway and platform offering, particularly for SaaS and platform merchants.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
NMI social profiles
Digital presenceNMI compliance and trust
Trust signalCompliance2 records
NMI financial estimates
Financial estimateRevenue estimate
Valuation estimate
NMI leadership team
Management profileNumber of profiles
Profiles11 records
NMI subsidiaries and ownership
Company hierarchySubsidiaries3 records
NMI funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NMI M&A and investment
M&A and investmentM&A6 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NMI
What does NMI do?
NMI provides a modular, white-label embedded payments infrastructure platform that enables Independent Sales Organizations (ISOs), software/SaaS platforms, banks, and payment facilitators to accept card, bank, and real-time payments, onboard and underwrite merchants, manage the full merchant lifecycle, and monetize payment services. Core components include the NMI Payments acceptance platform, the Merchant Central payments CRM and merchant management suite, and the NMI Payment Gateway, complemented by modules for underwriting (ScanX/MonitorX), boarding (TurboApp), residuals, fraud protection, and embedded lending (Business Capital).
Is NMI a public or private company?
NMI is a private company. It is classified as private equity controlled and is currently operating.
When was NMI founded?
NMI was founded in 2003. It employs 251 to 500 people.
Where is NMI based?
NMI is headquartered in Roselle, United States, in the North America region.
How does NMI make money?
Five revenue lines are on record. Transaction Processing Revenue is the primary driver. The others are revenue Sharing (Residuals), business Capital Commission, saaS/Platform Fees and gateway and Value-Added Services.
Who are NMI's main competitors?
Direct peers on record are Stripe, Finix, Stax, Spreedly, Primer and Gr4vy. Broad incumbents are Adyen, Checkout.com, Block (Square) and PayPal (Braintree).
Does NMI have an API?
Yes. NMI provides a comprehensive API and SDK platform for developers to integrate payment acceptance capabilities. The platform offers RESTful APIs, Collect.js JavaScript framework for low-code checkout implementation, SDKs for iOS, Android, Windows, and Linux platforms, and webhook support for real-time transaction notifications. The gateway emulator enables migration from other gateways without reprogramming. The platform provides sandbox environment, guided onboarding, and prebuilt API snippets for developers. Developer documentation is at docs.nmi.dev.
What industry is NMI in?
NMI's product category is Embedded Payments Infrastructure. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAMACAJ, Smart Routing, Cascading & Payment Optimization. Its NAICS code is 522320 and its SIC code is 6200.