“Can a clinical trial payment automation platform become the end-to-end financial operating system for global clinical research — managing participant reimbursement, site payments, travel, tax compliance, and FX across 80+ countries?”
Founded in 2008 as a clinical trial payment processing platform, Greenphire built its core product — ClinCard — around prepaid card-based participant reimbursement for pharmaceutical sponsors, CROs, and research sites. Over time, the company expanded into full financial lifecycle management, adding site payments automation, travel services, tax/1099 compliance, and mobile participant engagement. A multiyear $20M R&D investment culminated in next-generation site payment capabilities in 2024. In January 2025, Greenphire merged with Suvoda to form a broader clinical trial technology platform.
Greenphire discloses i2c as its banking provider, with The Bancorp Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Greenphire does not disclose a bank charter of its own; its banking services are provided through The Bancorp Bank.
Greenphire's cards are issued through i2c.
The Embedded Finance Index 2026 maps 3 layers in Greenphire's stack: Banking / BaaS (i2c); Card issuing (i2c); Sponsor bank (The Bancorp Bank).
Greenphire is founded in 2008 and headquartered in King of Prussia, Pennsylvania, USA.
Greenphire has raised $25.8M in total (latest round: PE Growth (Riverside Company, 2015)).
Get a read on where your own stack stands against Greenphire and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.