NMI

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.

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

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

• Embedded payments infrastructure
• Payment gateway solutions
• Merchant onboarding software
• White-label payment processing
• ISO SaaS platforms

Headquarters

HQ city

Roselle

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Processing Revenue: Revenue from processing payment transactions across card, bank, and real-time payment rails for merchants. Partners share in net payment revenue.
2. Revenue Sharing (Residuals): Partners earn revenue share based on payment volume processed through their merchant portfolios. ISO agents receive residuals based on merchant performance.
3. 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.
4. SaaS/Platform Fees: Platform fees for Merchant Central CRM, gateway services, and other modular payment solutions offered to channel partners
5. Gateway and Value-Added Services: Fees for payment gateway functionality, tokenization, fraud protection, and other value-added services

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core 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

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

AI capability6 records

Feature9 records

Partnerships

14 partnerships are on record, tiered major and core.

• Fee NavigatormajorTechnology or Integration · 2 June 2026Acquired 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.
• DwollamajorTechnology or Integration · 19 May 2026Acquired 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.
• ParafincoreStrategic or Co-development Partner · 11 December 2025Partnership 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 or IntegrationTechnology partnership for Tap to Pay on iPhone solution built on Mastercard's Cloud Commerce technology. Enables contactless payment acceptance without additional hardware.
• ShopifycoreTechnology or IntegrationEnhanced Shopify integration for secure connections between Shopify merchant accounts and NMI payment processing, including advanced security features like 3D Secure.
• FiservcoreTechnology or IntegrationProcessor integration for merchant boarding and reporting through Fiserv AccessOne Omaha, AccessOne North platforms.
• TSYScoreTechnology or IntegrationProcessor integration for merchant boarding through TSYS ELAPP, Express and PPM platforms with automated onboarding support.
• WorldpaycoreTechnology or IntegrationProcessor integration for merchant boarding through Worldpay MAG (formerly Vantiv) enabling multi-processor submission from single platform.
• ElavoncoreTechnology or IntegrationProcessor integration for automated merchant application submission and activation through Elavon's payment processing network.
• PaysafecoreTechnology or IntegrationProcessor integration for merchant boarding through Paysafe iAccess platform for automated application submission.
• Priority PaymentscoreTechnology or IntegrationProcessor integration for merchant boarding through Priority Payments MXConnect for automated onboarding workflows.
• ClearentcoreTechnology or IntegrationProcessor integration for merchant boarding and payment processing setup through Clearent's payment technology platform.
• NuveicoreTechnology or IntegrationProcessor reporting integration for consolidated portfolio visibility across Nuvei processing accounts.
• RepaycoreTechnology or IntegrationProcessor reporting integration for consolidated portfolio visibility and dispute management across Repay processing.

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

Direct 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

• Xx.com/nmi_gateway
• YouTubeyoutube.com/channel/UCNQ7nY9CtQLBP2qxN55SUZA
• Facebookfacebook.com/NetworkMerchantsInc
• LinkedInlinkedin.com/company/network-merchants-inc.
• Instagraminstagram.com/NMIpayments

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NMI