When it opened for business 25 years ago, NMI was an ecommerce payment gateway created to offer merchants unbiased routing options for payment card authorization and clearing services.

Since 2018, with the backing of private equity firms Francisco Partners, Insight Partners and Great Hill Partners, NMI has expanded the breadth of its product and services through seven strategic acquisitions in the UK and the US—USAePay, Creditcall, Iris CRM, Agreement Express, Sphere Commercial, Fee Navigator and Dwolla.

NMI continues to operate the largest privately held ecommerce gateway. It connects to over 150 processors of merchant card transactions. Now it is also able to provide a full modular white-label embedded payment platform to its more than 6,000 ISO, ISV, SaaS and payfac customers. Those businesses support merchants in several dozen countries.

Embedded payment platform capabilities are of increasing value to NMI customers, particularly SaaS companies. Branded experiences help them manage more of a merchant’s lifecycle from signup to payout.

The 1.2 million merchants served by NMI’s customers generated nearly $700 billion in card payments in 2025. Merchants in the US and the UK accounted for the vast majority of the total. NMI follows its customers into new markets and, when it does, it works to build product parity for their use.

The company focuses almost exclusively as a channel (ISO, ISV, etc.) business, avoiding direct connections to merchants. However, it does own a small merchant portfolio, which it picked up in the 2023 acquisition of Sphere’s Commercial Division. Global Payments is the acquirer of record for that portfolio.

NMI has launched a partnership with Ingenico in the UK and the US. The companies are promoting Ingenico’s Android-based Axium POS terminal platform (at left) to retail, food service, hospitality and field service merchants. The partnership moves NMI beyond ecommerce and embedded payments into software-led in-person payments.