A leadership transition is underway at embedded payment solutions provider NMI, which has appointed Steven Pinado as its new CEO, effective 2 September 2025. Pinado, former president of Billtrust, will succeed Vijay Sondhi, who is preparing to step down after leading the company for the past seven years.
During those seven years, Sondhi worked to develop NMI from a payment gateway provider to a full-stack embedded payments acceptance platform, currently processing more than 5.8 billion transactions and $440 billion annually. Its suite includes solutions for online, in-person, and mobile payments, self-service card acceptance, and fraud protection.
The company, backed by Francisco Partners and Insight Partners, has also completed a string of five acquisitions under Sondhi’s leadership, including deals for Agreement Express payment solutions in 2022 and Sphere’s commercial division the following year.
Pinado brings nearly 30 years of experience in fintech to NMI, joining from New York growth equity firm Radian Capital, where he served as partner. Aside from Billtrust, he has also previously worked at Jonas Software and Constellation Payments, Member Solutions, and Advanta.
NMI says his selection as CEO “follows a thoughtful succession planning process”, led by Sondhi alongside the executive leadership team and board of directors, which has been headed by chairman Peter Christodoulo, partner at Francisco Partners, since the investment firm’s undisclosed majority investment into NMI in 2017.
Source: https://www.fintechfutures.com/
