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NMI acquires Sphere’s commercial division to expand underwriting capabilities

By Delisha Fernandes

October 16, 2023

  • Fintech news
  • FinTech US
  • merchant accounts
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NMI, Sphere Commercial Division, Payments, underwriting, risk management, merchant accounts, FinTech news, FinTech USNMI, a full commerce enablement technology company, has acquired software and payments technology company Sphere’s Commercial Division.

The acquisition will strengthen NMI’s underwriting and risk management capabilities as well as allow NMI partners, including independent software vendors, independent sales organizations and FinTech innovators, to create merchant accounts within the existing NMI platform.

“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 customize payment experiences for their merchants,” said Vijay Sondhi, CEO of NMI. “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.”

Adding Sphere’s Commercial Division underwriting and risk management capabilities will allow NMI partners to monetize more of the value chain by offering additional payment capabilities to their merchants. While NMI’s partners will still be able to use their own merchant accounts as they always have, this acquisition will give partners another option to create a merchant account through the NMI platform, allowing them to offer the increased flexibility that merchants demand.

“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,” said Tom Bannon, COO and President, Sphere Commercial Division. “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.”

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