Leadership transition positions NMI for next phase of growth as Steven Pinado succeeds Vijay Sondhi as Chief Executive Officer
NMI, a global leader in embedded payments infrastructure, is entering a new chapter in its journey of growth and innovation. After seven transformative years at the helm, CEO Vijay Sondhi will be stepping down on September 2, 2025, passing the baton to seasoned fintech leader Steven Pinado. Sondhi, who will remain with the company as a strategic advisor until the end of the year, reflected on his tenure with pride, calling it both “an honor and a privilege” to lead NMI. He spoke of building a platform that empowers innovation across the payments ecosystem and expressed full confidence in the strong foundation his team has laid for the company’s future.
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Pinado brings nearly three decades of experience in fintech, embedded payments, and scaling high-growth businesses. His career includes leadership roles at Billtrust, Jonas Software, and Constellation Payments, where he pioneered embedded payment solutions for software platforms. Most recently, he was a Partner at Radian Capital, advising some of the fastest-growing technology companies. His diverse background, spanning payment processors, issuers, and SaaS platforms, uniquely equips him to guide NMI through its next wave of expansion. This leadership change follows a carefully planned succession process between Sondhi, the executive team, and the board to ensure stability and continuity.
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During Sondhi’s leadership, NMI evolved from a payment gateway provider into a full-stack embedded payments acceptance platform. The numbers tell a powerful story—annual transactions grew from 550 million to over 5.8 billion, and payment volume surged from $45 billion to $440 billion. The network of merchants using NMI’s technology expanded tenfold to more than one million globally. Under his watch, NMI also completed five strategic acquisitions, expanding its capabilities in in-person, online, unattended, and mobile commerce, solidifying its status as a category leader in embedded payments.
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Board leaders and investors have praised Sondhi’s vision and execution, crediting him with shaping NMI into the powerhouse it is today. Peter Christodoulo, partner at Francisco Partners and chairman of the board, commended his transformative leadership, while expressing excitement for Pinado’s appointment, describing him as a strategic, deeply experienced leader ready to guide NMI into its future. Pinado himself acknowledged the company’s impressive legacy, sharing his enthusiasm for leading NMI at a time when software is rapidly reshaping commerce. As Byron Lichtenstein of Insight Partners noted, this transition marks the start of a bold new era—one where NMI is poised to reach even greater heights and deliver unparalleled value to its partners worldwide.
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