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Nuvei and Plaid extend partnership to expand pay-by-bank
Canadian FinTech Nuvei and Plaid have extended their global partnership to support businesses by accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the e-commerce landscape.
Nuvei and Plaid plan to scale their partnership globally before the end of the year. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, UK, and Europe, will enable businesses in multiple regions to enhance their online checkout by offering pay-by-bank experiences.
While bank-based payments are typically not guaranteed, the Nuvei, Plaid partnership offers merchants the ability to assess transaction risk in real time and reduce return rates through Plaid Signal, a network-based machine learning model.
Moreover, Nuvei’s Instant Bank Transfer combines the speed of bank payment processing with Plaid’s seamless and secure user experience for bank account linking, which has been used by approximately 1 in 3 US consumers with a bank account to connect to digital financial services.
“Consumers are increasingly turning to online bank transfer payments, but their user experience has often been poor. Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratizing this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments. Our partnership with Plaid makes online bank transfer payments even more seamless for millions of U.S. consumers, which is why we are excited to be expanding our partnership to target a broader range of e-commerce verticals.”
Nuvei CEO and Chair Philip Fayer.
“The shift to bank-based payments is a natural, inevitable progression and will become a seamless part of most payments experiences in the next few years,”
“Plaid and Nuvei have a proven track record of helping companies streamline account funding experiences through bank transfers. We are excited to extend our partnership with Nuvei to bring safe, secure, and seamless bank-based experiences to more companies and industries within the eCommerce realm.”
John Anderson, Head of Payments at Plaid.
MODIFI secures $100m debt facility with HSBC Innovation Banking UK
MODIFI, a global cross-border trade payments company, has secured a $100 million line of credit with HSBC Innovation Banking UK to continue its growth.
MODIFI helps exporters and importers to facilitate their international business. Through its digital platform, the company allows vendors to receive payments instantly while giving buyers the option to defer payment for up to 180 days.
“We are excited to partner with a top-notch financial institution like HSBC Innovation Banking to meet the growing demand of our customers for higher liquidity.”
Nelson Holzner, CEO and Co-Founder of MODIFI.
HSBC Innovation Banking UK offers flexible banking solutions for startups, scalers, growing businesses, investors and those preparing for IPOs. The partnership with HSBC Innovation Banking is a key element of MODIFI’s refinancing strategy, which aims to diversify financing sources with funding providers. MODIFI recently entered into a $75 million line of credit with another global financial institution.
“There is a growing need for innovative solutions that remove barriers, increase transparency and enable small and midsize businesses to trade on a par with larger corporates. We are incredibly excited at HSBC Innovation Banking to support MODIFI as it continues to become a leading provider of trade finance products,”
Conor Sheehy, Head of FinTech Warehouse Finance at HSBC Innovation Banking.
American Express & Jazeera Airways partner to expand payment option for customers
American Express has announced that Kuwait-based low-cost carrier Jazeera Airways now accepts American Express card payments.
The partnership will provide American Express cardholders with access to Airways’ growing travel destinations, with best-value flights and services. It will also provide extra convenience for travelers, allowing cardholders to easily book their flights.
“We are thrilled to be working with Jazeera Airways, increasing our range of accepted payment methods and adding value to our cardmembers,”
“As our network of airline partners continues to grow, we are committed to offering our members added convenience and accessibility, as well as the best travel options and experiences.”
Rasheed Khuzam, Kuwait Country Manager, American Express Middle East.
Additionally, American Express cardholders can use their American Express card when booking flights on the Jazeera app. This allows cardholders to have more payment options. They can use their American Express card with Jazeera, which operates a strong network covering 66 destinations in the Middle East, Europe, Central and South Asia, and Africa.
“At Jazeera Airways, we strive to offer the best customer experience for all our passengers. This includes a large variety of destinations, comfortable flights, and great value add services. By accepting American Express payments, we aim to provide customers with even greater payment choice.”
Bharathan Ravindran, Vice President of Commercial at Jazeera Airways
FIS sells Worldpay to GTCR at $18.5b valuation
FIS, a global financial services technology company, has announced that it has entered into an agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction that valued Worldpay at $18.5 billion.
The agreement will allow for more centralized management and simplified operations for FIS and Worldpay. Additionally, the initial proceeds provide immediate flexibility in capital allocation.
“This transaction allows FIS to monetise our Merchant Solutions business at an attractive valuation partially and provides certainty for all stakeholders,”
“It also allows us to simplify and drive greater focus on delivering innovative, next-generation financial technology and software solutions. At the same time, Worldpay will become a privately held company and benefit from the resources and expertise of GTCR.”
Stephanie Ferris, CEO and President FIS.
As part of the deal, GTCR has committed to investing additional capital in Worldpay of up to $1.25 billion to pursue inorganic growth opportunities. FIS will use the proceeds of the sale to pay off debt and return additional capital to shareholders through an existing share buyback authorization and for general corporate purposes while maintaining a credit-grade rating. strong investment.
“We are thrilled to be working with Charles and the Worldpay leadership team to build on the company’s culture of innovation, invest in new capabilities and advance its leadership position across channels and geographies. As a firm, we have a long history of investing in the payments sector, and that experience provides us with tremendous confidence in the opportunity for sustained, long-term growth at Worldpay.”
Collin Roche, Co-CEO and Managing Director at GTCR.
FIS will remain a provider of financial technology solutions to financial institutions, capital markets firms, businesses and developers worldwide.
Mastercard uses AI to flag real-time payment fraud for UK banks
Mastercard is fighting fraudsters with its AI-powered ‘Consumer Fraud Risk’ solution, now available in the UK.
Leveraging Mastercard’s artificial intelligence capabilities and a network view of account-to-account payments, it helps banks predict and prevent fraudulent payments of any kind. In partnership with nine UK banks, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, Mastercard uses large-scale payment data to help identify payment frauds in real time. real time before the money leaves the victim’s account.
Organized criminals transfer “scam” money through a series of “mule” accounts to hide them. To combat this, for the past 5 years, Mastercard has been working with UK banks to track the flow of money through these accounts and then close them. Drawing on information from this tracing and overlaying it with specific analytic elements, Mastercard’s AI solution provides banks with the information they need to intervene in real time and stop payments before money is lost.
TSB was one of the first banks to adopt Mastercard’s Consumer Fraud Risk tool and has used it with great success. Other banks that accept the risk of defrauding consumers will do so in 2023.
“Banks have found these scams incredibly challenging to detect,”
“Their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures. As we all live more digital lives this type of fraud erodes victims’ confidence to interact online. Our goal is to build and maintain that trust. Using the latest AI technology, we are helping banks identify and predict which payments are being made to fraudsters and stop them in real-time.”
Ajay Bhalla, president of Cyber and Intelligence at Mastercard.
Mastercard will be rolling out Consumer Fraud Risk in the UK first, as it has extensive experience in tracking and preventing financial crime in the country’s real-time banking system and has help coordinate banks sharing their fraudulent data. It is currently approaching the next most suitable markets to adopt this technology.
Visa and SAP partner to enhance enterprise payments
Visa announced that it has partnered with SAP to streamline and simplify business-to-business (B2B) payments for businesses.
The Asia-Pacific-focused partnership marks the first time Visa and SAP have teamed up to offer a way to integrate payments into the SAP ecosystem through the SAP Business Technology Platform (SAP BTP). .
This partnership sets the stage for Visa and SAP to explore integrated finance in the B2B market, helping to integrate the financial journey into business operations.
For Visa, the move aligns with its strategy of growing its footprint in the B2B space, supporting broader cash flows between individuals, businesses and governments, beyond consumer payments. This includes customer and supplier account flows, corporate payments with card solutions, and cross-border payments.
“The movement of money is becoming increasingly digital, but the bulk of transformation has been focused on the consumer space,”
“There is an urgent need to modernise the way enterprises pay and enhance the B2B payment experience. Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organisations can make payments immediately on SAP platforms with their Visa corporate cards, instead of having to leave their existing enterprise ecosystem and to navigate the different payment methods that their vendors accept. B2B payments needs to be intuitive, speedy and fuss-free, so organisations can spend time and resources on other aspects of their businesses.”
Stephen Karpin, Regional President of Asia Pacific, Visa.
For SAP, this decision is intended to improve the customer experience when using SAP software to manage their business. Running on SAP BTP, B2B Payment Services will provide convenient Visa payment services to SAP customers. Bringing more automation to checkouts that mark the last mile of shopping will help businesses gain efficiency in the buying journey as they securely make payments with just a few clicks mouse.
“Our collaboration with Visa endeavours to streamline and simplify the B2B payment process and drive further efficiencies for our joint customers. Embedding Visa payment into the SAP ecosystem aims to scale and accelerate digital commerce; together empowering enterprises, from small businesses to government agencies and non-profit organisations, to make secure payments with just a few clicks, transforming the last mile of procurement,”
Paul Marriott, President of SAP Asia Pacific Japan.
The integrated financial solution will initially be offered to SAP customers in Australia, India, Japan, Malaysia, Singapore, Thailand and Vietnam, with plans to roll out to other markets in the region.
Chapa & Telegram team to enhance digital payments in Ethiopia
Chapa, a payment solutions provider in Ethiopia, has announced a partnership with Telegram to enable merchants using Telegram to seamlessly accept payments from customers, including financial and digital payments. digital in Ethiopia.
Chapa’s integration with Telegram’s bot ecosystem allows merchants to accept payments without requiring customers to leave the app. Whether it’s mobile money, bank transfers, or debit/credit cards, Chapa allows users to make payments instantly, improving convenience and accessibility.
“We are honoured to represent Ethiopia on the international stage as the exclusive Telegram payment provider in Africa,”
“This noteworthy accomplishment speaks to the progress of our emerging fintech sector and reaffirms our commitment to drive financial technology advancements within the region.”
Israel Goytom, CTO and Co-founder of Chapa.
Bot developers can seamlessly integrate Payments Bot into any e-commerce platform by accessing Telegram’s open platform and available APIs. This integration opens up exciting opportunities for merchants, allowing them to accept payments through any bot-powered platform.
Chapa’s mission is to empower Ethiopian businesses to expand their reach in the global market, and this partnership with Telegram takes us one step closer to achieving that goal. We’re revolutionizing the way users interact with businesses, delivering a seamless experience that combines messaging and payments.
With Telegram allowing payments in the messaging platform, the possibilities are endless. Chapa and Telegram are excited to bring this transformative experience to Ethiopian users, improving their daily lives and opening new avenues of development.
TransUnion & NatWest expand Credit Score Service for UK consumers
TransUnion and NatWest Group have expanded their existing partnership to introduce Know Your Credit – a retail banking credit reporting service to all eligible UK consumers.
The new service builds on the bank’s existing engine, which has seen over five million NatWest and Royal Bank of Scotland customers access their TransUnion credit scores through the dashboard for free. interact on mobile banking application.
Now, TransUnion and NatWest Group are expanding their ability to offer this service to all eligible UK consumers, regardless of their banking institution.
“Understanding credit information is essential nowadays, given the important role credit plays in our lives — from enabling everyday purchases to helping people achieve life goals, such as buying a car or home. With the introduction of NatWest’s new service, we are helping to make credit information even more accessible, empowering consumers to take control of their financial well-being and supporting access to credit.”
James Robinson, Managing Director of Consumer Interactive at TransUnion in the UK.
Know Your Credit Score provides free, unlimited access to credit score information from TransUnion, allowing individuals to better understand their credit status and make informed financial decisions. transparent. Research by TransUnion shows that 53% of people who use the tool to track their credit profile have improved their credit score within six months.
“We want to empower our customers and help them reach their financial goals. Through our partnership with TransUnion, we are helping our customers better understand their credit information and how it is used. We are building on this by offering the benefits of this service to everyone, no matter where they bank, so they can enjoy the positive impact it brings.”
Phil Sheehy, Customer Goal Lead, Short-Term Borrowing at NatWest.
Surfboard Payments partners with Worldline to revolutionise Nordic payment solutions
This strategic partnership aims to combine Surfboard Payments’ innovative payment solutions with Worldline’s comprehensive expertise in acquiring, processing, and fraud prevention. The collaboration is designed to offer a wide range of payment options and services to businesses across the Nordics, enhancing their payment systems and customer experiences.
Surfboard Payments develops an acquiring platform for card present payments, including SoftPOS and API-based payment terminals. Its solution ensures agile development, minimal dependencies, and control over IP. The company’s offerings are directed towards ISVs and payment partners who aim to disrupt in-store experiences with better value for merchants and consumers.
Worldline, on the other hand, is a technology partner for merchants, banks, and acquirers. With a workforce of 18,000, it provides in-store and online card acquiring, secure payment transaction processing, and a variety of digital services.
The partnership initially focuses on Sweden, Norway, Denmark, and Finland, with potential expansion to other markets. It features Surfboard Payments’ suite of payment terminals like SurfPad, SurfTouch, SurfPrint, CheckoutX, and SoftPOS solutions. These will be integrated into Worldline’s merchant and partner offerings. Additionally, all hardware will be delivered by Surfboard Payments’ SurfShip API first platform, including next-day delivery within the Nordics.
The strategic alliance between Surfboard Payments and Worldline signifies a major advancement in the payment sector, aiming to boost business efficiency, security, and customer satisfaction with innovative solutions.
Worldline Head of Strategy & GTM Merchant Services RB Nordics, Filippa Marklund said, “We are thrilled to embark on this transformative partnership with Surfboard Payments. Surfboard Payments’ innovative payment solutions perfectly complement our existing portfolio, enabling us to provide businesses with a competitive range of payment options and services that create real value for the merchants.”
Surfboard Payments CEO, Christopher Lindfeldt said, “We are excited to collaborate with Worldline to expand the reach of our payment solutions across the Nordics. Worldline’s established strong presence, deep understanding of the market and strong sales capabilities will be instrumental in driving our mutual success.”
Intergiro teams up with Silverflow for cutting-edge card processing technology
Intergiro, a Swedish FinTech providing payment and banking infrastructure, has unveiled a groundbreaking partnership with Silverflow, a cloud platform specialising in global card processing.
This collaboration aims to empower Intergiro to offer its clientele advanced card network capabilities, augment processing efficiency, and grant unprecedented access to card scheme data.
This strategic move aligns with the burgeoning demand among digital merchants for progressive payment processing mechanisms. Silverflow’s platform, already endorsed by prominent payment service providers and acquirers, such as Deutsche Bank and Buckaroo, promises to equip Intergiro’s ecosystem with cutting-edge card scheme innovations at an accelerated pace.
This not only fortifies Intergiro’s financial suite with acquiring capabilities but also enriches its digital issuing and banking services, offering comprehensive and detailed reporting functionalities.
Intergiro serves as a Swedish FinTech enterprise, offering a comprehensive financial ecosystem tailored for innovators and disruptors. Their suite encompasses card processing, card issuing, and banking tools consolidated into a unified API.
Silverflow, on the other hand, operates as a pioneering payment processing platform custom-designed to meet contemporary payment requisites while remaining adaptable for the future. Embracing a cloud-native approach, they present a singular API interface to the card networks, simplifying complexity, reducing costs, and amplifying innovation opportunities.
“The payments landscape is constantly evolving and it’s more important than ever for our merchants to have access to the latest technologies being rolled out by the card networks,” said Johan Ryer, CCO of Intergiro. “Silverflow’s platform is bringing some of the latest card scheme innovations to Intergiro at pace and easily accessible, which will enable our clients not only to save costs but also meet the payment processing needs of new digital businesses.”
Anne Willem de Vries, CEO and co-founder of Silverflow, commented, “We are very excited about our new partnership with Intergiro. We are looking forward to powering Intergiro’s processing back-end and bringing our easy-to-use platform, data capabilities, and the latest card scheme innovations to Intergiro’s merchants.”
Bain Capital invests $200m to transform mutual insurance landscape
Known for its strategic investments, the firm intends to elevate the industry’s service standards and operational efficiency, through the inception of this group, according to InsurTech Insights.
The launch of The Mutual Group is a result of Bain Capital Insurance’s acquisition of GuideOne Insurance Company’s operational platform. GuideOne, a niche-market mutual insurance carrier established in 1947, stands as the catalyst for this groundbreaking venture, and becomes the first company to join the group.
As the inaugural member of the group, GuideOne will receive $200m. These funds are earmarked to fortify its balance sheet, augment surplus positions, and further fuel growth in service of policyholders. This strategic step is in line with the company’s mission to reinforce long-term stability by enhancing operational efficiencies and bolstering underwriting performance.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been brough to the helm of the Mutual Group as Chairman.
Additionally, Tim Fleming, GuideOne’s Senior Vice President of Core Commercial Lines, steps into the role of Chief Executive Officer. He said, “The Mutual Group is an exciting new platform that combines GuideOne’s nearly eight decades of experience as a niche mutual insurance carrier and its highly specialised team with the insurance investing acumen and strategic vision of Bain Capital Insurance.”
The vision for The Mutual Group extends beyond conventional insurance offerings, aiming to provide a unique spectrum of services encompassing underwriting, claims processing, reinsurance acquisition, and a robust technological suite housing policy administration, enterprise billing, and claims administration systems.
Set to launch with an impressive annual premium portfolio of around $800m, servicing over 50,000 commercial policyholders and backed by a workforce of over 400 employees, The Mutual Group establishes its formidable presence within the insurance sector. With its headquarters based in West Des Moines, Iowa, this initiative represents a significant force poised to redefine insurance practices.
Canapi Ventures raises $750m fintech fund
Founded by former Comptroller of the Currency Gene Ludwig and Live Oak Bancshares CEO Chip Mahan, Canapi launched with its first fund in 2020, securing backing from more than 30 banks and strategic investors for a $545 million fund.
The fund made 20 investments across areas such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology. It claims to have helped to facilitate nearly 100 partnerships between its LPs and portfolio companies – including Alloy, Built, Thoropass, and Greenlight.
The so-called Canapi Alliance is now up to 70 members, ranging from community to regional to super regional banks and service providers.
The second fund will continue to make similar investments but also look to target firms working on the governance of AI, cybersecurity, and the intersection of financial services and climate technology.
Says Ludwig: “Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem.”
PayGround Announces $19.7M Oversubscribed Series A Funding Round
PayGround, a healthcare fintech payments platform, today announced closing a $19.7M oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures. The funding will bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market, as well as grow its senior leadership team.
The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things.
“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place,” says Drew Mercer, co-founder and CEO of PayGround. “Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”
“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.,” says Andrew Wegrzyn, Principal at SixThirty. “PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”
Funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.
“PayGround’s modern, patient-centric approach to healthcare payments fills a meaningful market need,” says Matt Perlman, Partner at IA Capital Group. “We believe in PayGround’s vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we’re excited to connect PayGround with IA’s broad network and experience with insurance companies as they continue to innovate how people pay for healthcare.”
“PayGround has proven its value in helping consumers better understand and pay for healthcare expenses, while improving the revenue cycle process for both provider and patient,” adds Justin Kaufenberg, Managing Director at Rally Ventures. “Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams.”
Curve selects Nuvei to facilitate international expansion
Nuvei Corporation, a Canadian FinTech company, has selected Curve, a financial super app that consolidates your cards into a single smart card, to provide card purchasing and alternative payment methods (APM) to transfer consumer funds to and from their Curve digital wallet.
Nuvei’s comprehensive, customizable and flexible payments technology enables FinTech applications and card issuers to accept VISA and Mastercard transactions. Card payments are optimized using Nuvei’s smart routing engine to maximize card payment acceptance and reduce operating costs. All relevant APMs in each Curve-operated market will soon be available to Curve customers.
“Our goal at Curve is to be the most customer-centric app, simplifying the way they spend, so industry-leading customer experience is critical to Curve’s service. Consumers simply will not tolerate delays or the inability to transfer funds, so we are proud to partner with Nuvei. Their proven optimized card acceptance rates, platform stability and low latency guarantees that we’re offering the peak payments service to our customers.”
Curve’s Founder & CEO, Shachar Bialick.
Curve also benefits from Nuvei’s customizable, real-time reporting tools, allowing the company to monitor all transactions through a single, comprehensive analytics portal. This capability is especially important for the financial services industry in routing payment traffic efficiently and optimizing payment flows. In addition to providing payments services in Curve’s established markets in Europe, Curve is leveraging the global reach of the Nuvei acquisitions to accelerate its international growth plans.
“Payments play a critical role in the user experience for financial services providers, and the market is becoming increasingly competitive. We are proud to partner with Curve to enhance the product it is offering to its customers, and to enable to Curve to reach its customers, wherever they are and however they want to pay.”
Philip Fayer, Nuvei Chair and CEO.
Globacap raises $21m Series B to digitise private capital markets
Capital markets technology company Globacap has completed a $21 million Series B funding round with the aim of digitizing and automating the global private capital markets.
Investors include financial markets heavyweights Moore Strategic Ventures, LLC, Cboe Global Markets, Inc. and the Johannesburg Stock Exchange (JSE), as well as GABI Ventures and Asia-focused investment firm QBN Capital.
Globacap aims to unlock the potential of private capital markets through digitalization and automation. Workflow automation as a service brings the same efficiency as public procurement to the private market. It streamlines tedious processes from issuance and ongoing management to transferability and settlement of securities, thereby reducing costs and improving the efficiency of market intermediaries.
Globacap has grown rapidly since its launch six years ago. It houses 15 white labels for global institutions and an ecosystem that has managed more than 70 private placements and completed more than $350 million in private asset secondary transactions, with automated settlement and currently manages $14 billion in private securities.
The capital markets technology company will use this new funding to enhance its marketing and sales efforts, expand into new geographies and invest in its product development for expansion customer base. It also plans to build on the success of its white label product which helps digitize and automate processes across private capital markets and is used by leading intermediaries including the JSE and Instinet.
“Private capital markets are rapidly growing, but their opaque nature is holding them back from reaching their true potential. We are bringing public markets-like infrastructure to private capital markets to improve access, boost liquidity, and remove administrative burdens. Securing considerable backing from world-leading investors during a time of market turbulence, risk aversion, and uncertainty is a powerful validation of our mission to transform and drive efficiency in private capital markets. We are in a unique position to grow through the current market turmoil, leading with strength as market conditions eventually improve.”
Myles Milston, Globacap Co-Founder and CEO.
NMI acquires Sphere’s commercial division to expand underwriting capabilities
NMI, a wholly owned commerce enablement technology company, has acquired the commerce division of payments software and technology company Sphere.
The acquisition will strengthen NMI’s underwriting and risk management capabilities and enable NMI’s partners, including independent software vendors, independent sales organizations and FinTech innovation, creating 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,”
“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.”
Vijay Sondhi, CEO of NMI.
The addition of Sphere’s commercial division’s underwriting and risk management capabilities will enable NMI partners to monetize a larger portion of the value chain by providing additional liquidity to their seller. While NMI partners will still be able to use their own merchant accounts as they normally do, this acquisition will provide partners with another option to create merchant accounts through the platform NMI, allowing them to increase the flexibility required by traders.
“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,”
“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.”
Tom Bannon, COO and President, Sphere Commercial Division.