May 19, 2026M&AUS

NMI Acquires Dwolla to Strengthen Embedded Payments and Money Movement

NMI acquired Dwolla, an account-to-account payment infrastructure provider built on ACH and real-time payment rails, on May 19, 2026. The deal brings more than 400 Dwolla customers into NMI's ecosystem. Together the two companies will process close to $700 billion in annual transaction volume.

Dwolla CEO Dave Glaser said joining NMI will let Dwolla's API-first bank payment capabilities reach a broader partner base, while Dwolla customers gain access to NMI's omnichannel payment acceptance tools through a single white-label platform. Gunderson Dettmer represented Dwolla in the sale, with a deal team led by corporate partner Colman Lynch and senior M&A associate Alex J. Walsh.

Financial terms were not disclosed.

Entities

NMIBaaS Provider DwollaFintech Gunderson DettmerFintech

Implications

Consolidation in embedded payments infrastructure signals maturing market where platforms demand unified card + A2A capabilities from a single provider.
ISVs and fintechs using Dwolla's A2A rails now gain access to NMI's broader omnichannel payment stack, potentially reducing multi-vendor complexity.
The deal intensifies competition with players like Stripe, Adyen, and FIS in the race to offer end-to-end embedded payment and money movement solutions.