NMI acquires Sphere’s commercial division to expand underwriting capabilities

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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.
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