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, announces a leadership transition designed to power its next wave of innovation and growth. After seven years at the helm, CEO Vijay Sondhi will step down, making way for seasoned fintech executive Steven Pinado to take the reins as Chief Executive Officer, effective September 2, 2025. To ensure a seamless transition, Sondhi will remain with the company as a strategic advisor through the end of the year.
Vijay Sondhi, CEO at NMI said:
“Leading NMI has been both an honor and a privilege. I’m incredibly proud of what we’ve built together – a platform that empowers innovation across the payments ecosystem. As the company enters its next phase, I’m confident we’ve laid a strong foundation for continued growth, powered by an exceptional executive team and a new CEO ready to lead NMI into its next chapter.”
Pinado brings nearly 30 years of experience in fintech, embedded payments, and scaling growth-stage businesses. Most recently a Partner at Radian Capital, he led the firm’s operating team, advising high-growth technology companies. Before that, he served as President of Billtrust, where he steered the company through a successful IPO and subsequent sale. He also held leadership roles at Jonas Software and Constellation Payments, where he pioneered embedded payments for software platforms. His diverse background spans payment processors, issuers and SaaS platforms, uniquely positioning him to lead NMI into its next chapter of growth and innovation. This appointment follows a thoughtful succession planning process, led by Sondhi in close partnership with NMI’s executive leadership team and board of directors, to ensure continuity and position the company for long-term success.
During Sondhi’s tenure, NMI transformed from a payment gateway provider into a full-stack embedded payments acceptance platform. Over the past seven years the company has grown from enabling 550 million transactions and $45 billion in annual payments volume to processing more than 5.8 billion transactions and $440 billion annually. The network of merchants powered by NMI has expanded nearly tenfold, now exceeding one million worldwide. Under his leadership, NMI completed five acquisitions, expanding the company’s capabilities across in-person, online, unattended and mobile commerce, and accelerating its evolution into a category leader in embedded payments.
Peter Christodoulo, partner at Francisco Partners and chairman of NMI’s board said:
“Vijay has been an exceptional leader for NMI, guiding the company through a period of significant transformation and growth. His vision and execution helped shape NMI into the embedded payments leader it is today, and we’re deeply grateful for his many contributions. As we look to the future, we’re thrilled to welcome Steve as our new CEO. His strategic mindset and deep expertise across payments and software make him the right person to lead NMI into its next phase.”
Steven Pinado said:
“NMI has built an impressive legacy as a leader in embedded payments infrastructure. I am honored to succeed Vijay, and excited to join this outstanding team at such a pivotal moment. As software continues to reshape commerce, NMI is well-positioned to continue helping our partners deliver seamless, scalable payment experiences.”
Byron Lichtenstein, Managing Director at Insight Partners said:
“Vijay’s leadership played a pivotal role in positioning NMI as a category-defining embedded payments platform. As the company enters its next stage of growth, Steve’s operational experience, fintech fluency and strategic vision will help NMI scale new heights and deliver even greater value to our partners. We look forward to supporting him and the NMI team in this exciting new journey.”
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $50 billion in capital raised, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
