Nmible, a UK-based fintech startup focusing on the clinical research sector, has announced a strategic partnership with American biotech research giant Velocity Clinical Research.
The partnership will see nmible’s clinical trial participant reimbursement technologies embedded in Velocity’s patient recruitment app, resulting in savings of over 650 working days per year administering payments to 20,000 patients and streamlining the $20 million stipends the company pays out annually
Launched in 2022, nmible’s contribution to the clinical trials process is through the reduction of friction when it comes to participants and reimbursements.
Leveraging payment infrastructure technologies, nmible is able to provide practitioners with a mechanism that supports fast, flexible cross-border expense and stipend payments.
Nmible founder Jon Anderson shared:
“Healthcare is usually one of the last industries to benefit from tech innovation and the system today for reimbursing clinical trials participants is archaic and cumbersome.
“In many instances, people are given plastic prepaid cards where a lot of money is being left on the table. … In all other aspects of our lives, we are used to instantly accessing our money and taking part in clinical trials should not be any different.”
Velocity operates a network of more than 80 locations across four countries, including the US, the UK, Germany, and Poland.
On the partnership, Velocity’s Dr. Paul Evans commented:
“Since 2020, the amount of patient stipends we pay has dramatically increased and so too has the burden of getting payments to people in a timely manner.
“Velocity is now of the size and scale where it can invest in its own technology. Building our own patient app is a key part of our strategy to engage and enrol more people into clinical research and we see the automated payments function as a key driver for downloads.”
Lead image via Velocity Clinical Research.