Steve Pinado

Chief Executive Officer NMI

Last Reviewed: September 26, 2026

Executive Summary

Steve Pinado has been Chief Executive Officer of NMI since September 2025. NMI is a private, sponsor-backed embedded payments infrastructure company headquartered in Schaumburg, Illinois; its investors are Francisco Partners, Insight Partners and Great Hill Partners. He took over from Vijay Sondhi, who had run the company for seven years. NMI now reports more than a million merchants and $440 billion a year in payment volume. Pinado has spent most of his career where payments meet vertical software: he ran Jonas Software’s North American business units inside Constellation Software, and he was President of Billtrust from 2018 through its public listing and its 2022 sale to EQT. He then spent time as a partner at the growth equity firm Radian Capital before joining NMI.

Career Highlights

• Appointed CEO of NMI effective 2 September 2025, after a formal succession process involving the outgoing CEO, the executive team and the board. He also sits on the board of managers of NMI Topco, LLC.
• President of Billtrust from March 2018 and of the Nasdaq-listed BTRS Holdings Inc. from January 2021. His tenure covered the company’s public listing and its December 2022 take-private by an EQT Private Equity affiliate.
• Group CEO at Jonas Software from September 2013 to March 2018. He oversaw all North American business units and acquisitions in payments, fitness, recreation, camp, membership and association management software.
• Partner at Radian Capital, a growth equity firm, where NMI says he led the operating team.
• Earlier leadership roles at Advanta, NextCard and Electronic Data Systems, after starting in investment banking at Salomon Brothers.

Professional Journey

Pinado took a finance degree at Morehouse College and an MBA at Dartmouth’s Tuck School of Business. He began his career in investment banking at Salomon Brothers. He then held leadership roles at Electronic Data Systems and at two consumer-credit businesses, NextCard and Advanta. NMI says this gave him experience across processors, issuers and software platforms.

In September 2013 he became Group CEO at Jonas Software, an operating group of the publicly held Constellation Software. Jonas grows by buying and running vertical-market software businesses. Billtrust’s proxy says Pinado oversaw all of Jonas’s North American business units and its acquisitions in payments, fitness, recreation, camp, membership management, association management and IP licensing. NMI credits him with leading embedded-payments work there, including at Constellation Payments, which built payments into the software those businesses sold.

In March 2018 he left Jonas to become President of Billtrust, a company that automates business-to-business accounts receivable and payments. Billtrust went public in January 2021 through a merger with South Mountain Merger Corp. and then traded on Nasdaq as BTRS Holdings Inc. Pinado stayed President of the listed company. In September 2022 Billtrust agreed to be acquired by an affiliate of EQT Private Equity, and the merger closed on 16 December 2022. The stock was delisted and deregistered later that month.

He then became a partner at Radian Capital, a New York growth equity firm, where NMI says he led the operating advisory team for its portfolio companies. Payments Dive reported that in that period he sat on the boards of several software companies, including Browzwear, Helcim and Emporia Holdings.

NMI announced him as its next CEO on 12 August 2025, and he took over on 2 September. NMI started as a payment gateway, and under Sondhi it became a full-stack embedded payments platform. Over those seven years it made five acquisitions, grew from 550 million to 5.8 billion transactions a year, and grew nearly tenfold to more than a million merchants. Since Pinado took over, NMI has announced a SmartPOS smart-terminal product (July 2026), a suite of embeddable payment components for software platforms and AI agents (September 2026), and an expansion of its business capital lending to small merchants (September 2026).

Education

Tuck School of Business at Dartmouth

MBA

Morehouse College

BA, Finance