NMI acquires Dwolla to enhance its account-to-account payment infrastructure, according to an announcement made on May 19, 2026. NMI is an embedded payments company, and Dwolla is a provider of account-to-account, or A2A, payments that move money directly between bank accounts. The companies say the deal adds A2A, real-time payments, and open banking to NMI’s platform, and that the combined business processes close to 700 billion dollars in annual transaction volume. The price was not disclosed. This article explains what each company does, what was announced, why pay-by-bank is getting attention, what customers can expect, and what the announcement leaves unanswered. It sticks to the companies’ own statements and a trade report, and it labels company claims as claims.
What Was Announced
On May 19, 2026, NMI announced that it had acquired Dwolla. NMI’s page describes Dwolla as an account-to-account payment infrastructure company. The announcement says the deal adds A2A, real-time, open banking, and many-to-many funds flow capabilities to NMI’s platform. You can read the company’s own message on Dwolla’s page about joining NMI.
PYMNTS covered the news the same day under the headline that NMI acquires Dwolla to strengthen its pay-by-bank offering. Its report notes that the deal combines NMI’s payment acceptance, channel distribution, onboarding, and merchant lifecycle management with Dwolla’s A2A infrastructure, real-time payments, and open banking capabilities. See PYMNTS’s report on the acquisition.
Who Is NMI?
NMI describes itself as an embedded payments infrastructure provider. In simple terms, it supplies the technology that lets software companies, banks, and payment partners offer payment processing under their own brand. This is often called white-label payments. NMI’s chief executive, Steve Pinado, called the deal a continuation of the company’s strategy to build the most robust, white-label, embedded payments platform for channel and enterprise partners.
According to the announcement, this is NMI’s sixth acquisition in recent years. That suggests a pattern of growing by buying companies that add new features.
Who Is Dwolla?
Dwolla provides an API-first platform for account-to-account payments. An API is a set of tools that lets one piece of software talk to another, so a business can build bank payments directly into its own app. Dwolla’s chief executive, Dave Glaser, said the company was built to help businesses operate bank payments at scale, bringing ACH and real-time rails together with standard status updates, exception handling, and reporting.
The company page mentions features such as ACH and real-time rails, FedNow, payouts, marketplace payouts, loan disbursements, and payroll. Those are common uses for sending money from one bank account to another.
What Is Account-to-Account Payment?
An A2A payment moves money directly from one bank account to another, without using a card network. Examples include ACH transfers and newer real-time systems such as FedNow. Because there is no card in the middle, the cost can be lower, and the money can move faster. Some A2A payments use open banking, where the customer gives permission for a service to connect to their bank account.
For merchants, pay by bank can mean lower fees than card payments. For customers, it can mean a simple checkout where they approve a payment in their banking app. But it also depends on strong security, clear approval steps, and good dispute handling.
The Market Numbers Cited
PYMNTS reports that NMI cited research projecting global A2A transaction value of 195 trillion dollars by 2030, up from 91.5 trillion dollars last year. It attributed part of that growth to real-time payment systems. These are projections from research that NMI quoted, and the article does not name the research firm, so treat the figures as an estimate.
Large forecasts like this are meant to show direction, not certainty. Real growth depends on adoption by banks, merchants, and consumers, and on rules from regulators.
Scale of the Combined Company
The announcement says the combined company processes close to 700 billion dollars in annual transaction volume, and that more than 400 Dwolla customers are joining NMI’s ecosystem. These numbers come from the companies themselves and have not been independently checked.
PYMNTS adds that about 60 Dwolla employees will join NMI, and that Dave Glaser becomes NMI’s chief operating officer. The Dwolla page says his role will support continuity and help lead integration into NMI’s platform, though its wording on his title is less clear than the trade report’s.
What Changes for Dwolla Customers
The announcement says NMI will continue to support existing Dwolla customers and partners during integration. Dwolla customers keep their current bank payment infrastructure, team, and support, and gain access to NMI’s payment acceptance options. The page lists credit, debit, prepaid, HSA and FSA cards, mobile, in-app, online, in-store, and unattended payments.
If you are a Dwolla customer, the practical steps are simple. Watch for notices about changes to contracts, terms, or support contacts. Ask your account manager how the integration may affect fees, onboarding, or technical connections. Keep a record of your current agreements.
What Changes for NMI Partners
NMI’s partners, such as software companies and payment providers, may gain a way to offer bank payments alongside cards. That could help a platform give its merchants a choice: pay by card for convenience, or pay by bank for lower cost.
The announcement also mentions that NMI is pursuing agentic payments, stablecoin-enabled settlement, and remittances. These are early areas, and the sources do not give details or timelines. Treat them as direction, not as launched products.
What the Deal Terms Leave Out
PYMNTS notes several items that were not disclosed: the purchase price, the deal structure, the closing timeline or completion status, regulatory approvals, and specific integration plans beyond general platform goals. The Dwolla page says financial terms were not disclosed, and names the advisers: Berenson and Company advised NMI, and Keefe, Bruyette and Woods, a Stifel company, advised Dwolla.
The page uses the word “acquired” in its headline, while PYMNTS says the closing status was not described. We therefore cannot say whether the deal had formally closed when the announcement was made.
Why Pay by Bank Is Getting Attention
Merchants pay card fees on most sales, and those costs add up. Pay by bank offers another route. Real-time systems like FedNow let money move in seconds at any hour, which can help with payouts to gig workers, refunds, loan disbursements, and payroll.
Banks and fintech firms are racing to build these services. At the same time, regulators and consumer groups watch for fraud. Because bank transfers can be hard to reverse, businesses need strong checks before sending money.
Safety Questions for Businesses
If your business plans to accept or send A2A payments, ask practical questions. How does the provider verify bank accounts? What fraud controls are in place? How are returns and disputes handled? What happens if a payment fails? What approval steps protect large transfers?
Set limits and approval rules so that no single person can send large payments alone. Train staff to confirm new bank details by phone before changing them, since business email fraud is a common trick. For more tips on staying private and protecting data, that guide offers simple habits.
Safety Tips for Consumers
If a store offers pay by bank, make sure you are on the store’s real website or app. Check the amount and the account before you approve. Never share your online banking password with someone who contacts you first. Use alerts in your banking app so you see every payment, and report anything you do not recognize right away.
Remember that rules for disputes differ between cards and bank transfers. Ask your bank how it treats unauthorized payments.
What It Means for the Industry
The deal fits a wider pattern: payment companies are buying specialists to build full-service platforms. Card acceptance, bank payments, payouts, and onboarding are being combined, so that a software company can offer all of them through one partner. This can simplify things for customers, and it also concentrates more services in fewer providers.
Observers who follow the wider market will watch how NMI integrates Dwolla, whether customers stay, and how quickly new features arrive. This article does not predict results.
Planning Costs
If you run a business, compare the total cost of card and bank payments, including processing fees, chargebacks, failed payments, and staff time. A written budget for payments helps you see where savings are real. Pay by bank can be cheaper in some cases, but it may need extra work on onboarding and risk checks.
Ask providers for clear price lists, and test with a small volume before moving everything.
Questions to Ask Your Provider After a Deal Like This
When a payments company you use is acquired, a few questions can protect you. Will the contract change, and when? Will the technical connections or API keys change? Are the fees staying the same? Who is my main contact now? Will support hours or response times change? Where is my data stored, and does the new owner get access to it?
Ask for answers in writing, and keep them with your contract. Providers usually welcome these questions during an integration, because they show you are engaged. If answers are vague, ask again closer to the date of any planned change, and consider having a backup provider ready.
How to Read Company Claims in a Deal Announcement
Announcements like this one mix facts with goals. The date, the names of the companies, and the number of employees joining are facts you can check. The processing volume, the growth forecasts, and the plans for areas such as agentic payments or stablecoin settlement are claims or intentions. Look for the difference, and wait for proof, such as new products or customer results, before treating a plan as real.
Conclusion
On May 19, 2026, NMI announced that it had acquired Dwolla, adding account-to-account, real-time, and open banking capabilities to its embedded payments platform. The companies say the combined business processes close to 700 billion dollars a year, more than 400 Dwolla customers are joining NMI, about 60 Dwolla employees will move over, and Dave Glaser becomes chief operating officer. The price, structure, and closing status were not disclosed. Existing Dwolla customers are told they will keep their current infrastructure, team, and support during integration.
For businesses, the deal is a sign that pay by bank is moving into the mainstream. The practical advice is to read your contract, ask about changes, and weigh both cost savings and fraud controls before you switch.
Frequently Asked Questions
1. When did NMI acquire Dwolla?
NMI announced the acquisition on May 19, 2026.
2. What does Dwolla do?
Dwolla provides API-first account-to-account payment infrastructure, including ACH and real-time payments, payouts, and bank payment tools.
3. How much did NMI pay?
The price and other financial terms were not disclosed.
4. What happens to Dwolla customers?
NMI says it will keep supporting existing customers and partners, who keep their current infrastructure, team, and support while gaining access to NMI’s acceptance options.
5. Why does A2A matter?
It moves money directly between bank accounts, which can be faster and cheaper than cards, especially with real-time rails.
