Paytech NMI acquires Sphere’s commercial division to boost underwriting and risk management capabilities

NMI, a US paytech, is set to acquire the commercial division of Sphere, a software and paytech firm.
The acquisition involves integrating Sphere’s underwriting and risk management capabilities into the NMI platform.
This integration will enable NMI’s partners, including independent software vendors and sales organizations, to offer a wider array of payment capabilities to the merchants they serve.
NMI aims to enhance its stack of payment enablement tools to provide partners with more customization options for payment experiences.
NMI will absorb Sphere’s division’s employees, and Sphere’s COO and president, Tom Bannon, will transition into the role of senior vice president of partner monetization.
The terms of the deal have not been disclosed, but it’s seen as a natural fit, aligning with partners’ goals of expanding their role in the payments ecosystem.
This acquisition is reminiscent of NMI’s previous acquisition of payment solutions from Agreement Express in December 2022, emphasizing underwriting and risk monitoring capabilities.