“Can NMI become the full-stack embedded payments and financial services infrastructure layer powering every ISO, PayFac, and SaaS platform — from gateway through lending and multi-rail money movement?”
NMI began as a payment gateway provider serving ISOs and software companies, enabling white-label payment processing. Over time it expanded from a pure gateway to a full embedded payments infrastructure platform — adding merchant onboarding, CRM (Merchant Central / IRIS), fraud tools, and unattended/self-service payment support. The acquisition of Dwolla in 2025 marked a major pivot toward multi-rail money movement (ACH, RTP, card), and the launch of NMI Business Capital via Parafin extended the platform into embedded lending, positioning NMI as a broader embedded financial infrastructure provider for ISOs, PayFacs, and SaaS platforms.
NMI discloses Merrick Bank as its banking provider, with Celtic Bank as its sponsor bank, according to the Embedded Finance Index 2026.
NMI does not disclose a bank charter of its own; its banking services are provided through Celtic Bank.
NMI processes payments through NMI Payment Gateway (self-operated).
NMI's lending and capital products are provided by Parafin.
NMI integrates with QuickBooks, Xero, NetSuite, Sage, FreshBooks, Wave and Zoho Books.
The Embedded Finance Index 2026 maps 5 layers in NMI's stack: Payments / PSP (NMI Payment Gateway (self-operated)); Banking / BaaS (Merrick Bank); Lending (Parafin, NMI Business Capital (embedded merchant working capital / cash advance), NMI Business Capital: Term Loans (fixed monthly payments, for established merchants) and NMI Business Capital: Starter Loans (for newer businesses with limited credit history)); Sponsor bank (Celtic Bank); Accounting (QuickBooks, Xero, NetSuite, Sage and 3 others).
NMI is founded in 2000 and headquartered in Roselle, Illinois, United States.
NMI has raised $1.5M in total (latest round: Merger / Acquisition, 2022).
Get a read on where your own stack stands against NMI and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.