NMI Acquires Dwolla to Add A2A, FedNow and Payout Rails

NMI acquired Dwolla, adding API-first account-to-account payments, real-time payments, FedNow connectivity, open banking and payout capabilities to its embedded payments platform. NMI says the combined business processes close to $700B in annual transaction volume; financial terms were not disclosed.

The deal gives NMI a direct account-to-account payments layer alongside its existing embedded payments infrastructure. Dwolla brings API-led bank payments, real-time payment options, FedNow connectivity, open banking support and payout workflows.

For payment facilitators and software platforms, the practical move is optionality: card acceptance, bank payment initiation, faster settlement paths and payouts can sit closer together in one platform relationship instead of being stitched across separate vendors.

This is less about a headline acquisition and more about NMI filling in the money-movement stack around software-led payments.