NMI, a leading full commerce enablement technology company, has acquired Sphere‘s Commercial Division, to strengthen their underwriting and risk management capabilities.
Additionally, the acquisition provides NMI partners with the flexibility to create merchant accounts within the NMI platform.
This expansion of payment capabilities caters to the increasing demand for customised and convenient payment experiences by merchants.
The deal complements NMI’s growth strategy, building upon its previous acquisition of Agreement Express’s payments solutions in December 2022. This acquisition further strengthens NMI’s position in the industry, with support for over 3,900 ISV, ISO, and fintech partners, facilitating transactions for more than 280,000 merchants. The total transactions processed exceed 2.3bn, with a payments volume exceeding $200bn.
NMI is a global leader in full commerce enablement, supporting a vast network of partners and merchants worldwide. The company’s services encompass merchant underwriting, onboarding, and payment acceptance across various channels, including online, in-store, mobile, and unattended transactions. NMI continuously innovates to empower its partners, focusing on providing a seamless sign-up to payment experience.
Sphere operates as a vertically integrated software and payments technology company, serving complex markets such as healthcare, transportation, e-commerce, and non-profit sectors. Its software solutions are deeply integrated into clients’ workflows, patient billing systems, and electronic health records, ensuring secure and efficient payments.
Vijay Sondhi, CEO of NMI said, “The addition of Sphere’s Commercial Division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customise payment experiences for their merchants. These added capabilities of underwriting, risk management and merchant account creation are a game changer, not only for our partners but also for their merchants in the race to provide the most convenient, painless experience for end consumers.”
Tom Bannon, COO and President, Sphere Commercial Division said, “It is a natural fit to combine our capabilities with NMI’s platform because our vision aligns well with NMI’s goal to provide partners access to any and all the payment capabilities they could need. As part of the acquisition, Tom will join NMI’s leadership team as the Senior Vice President, Partner Monetization. “Partners today are looking to own as much of the payments ecosystem as possible, and we are adding another layer to that by combining forces with NMI. Our risk management and underwriting capabilities fit very nicely into NMI’s vision of full commerce enablement as we give partners the choice and ownership they crave.”
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