Orenda Finance has partnered with Starboard Card, a new financial software catering to the yacht management sector.
Starboard Card has designed a much-needed solution for those operating in a traditionally cash-dominated industry. It provides yachting crews control, accountability, and flexibility over funds to ensure they can access what they need whenever they need it.
By offering a robust and intuitive system, it’s Starboard Card’s purpose to make budgeting and reporting easier than ever before – something that has been made possible through its partnership with Orenda Finance.
Through this partnership, Orenda now offers payouts to 190+ countries in 100 currencies, pay-ins to 35 markets, as well as card issuing capabilities in multiple countries. Orenda is also being exposed to larger markets, creating an extended platform for its clients, who are looking to offer more diverse financial services across a variety of different industries and geographies.
The Challenge
While the yachting sector primarily caters to a high-spend customer base, transactions are largely cash-based, making it challenging for yachting management companies to manage the fluctuating cash flows between yachts.
As a result, Starboard Card required a platform that would provide them with the FinTech tools and functionalities to deliver on its value proposition as well as multi-currency.
How did Orenda help?
To meet Starboard Card’s requirements, Orenda built a bespoke platform enabling Starboard Card to offer a solution that automates and improves finance management processes. In addition, Orenda issued both virtual and physical cards, allowing senior crew members to manage day-to-day cash flow on board.
As a result, luxury yachting companies are now able to offer crew members an intuitive system that allows them 24/7 access and control over funds. This is especially beneficial for senior leaders who are managing expenses, thereby relieving pressure from the historically cash-based industry.
The robust and intuitive system allows them to create budgets, reports and flexible spending across borders easily. As a result, Starboard Card customers can now benefit from a significant increase in transparency and control over their finances.
Conclusion
Orenda is driven to empower clients across multiple industries and geographies to offer a variety of tailored financial solutions with ease. Through its no-code approach to embedded finance, Orenda is able to achieve just that.
Overall, this mutually beneficial partnership has allowed both Orenda Finance and Starboard Card to provide customers with a cutting-edge financial management platform that enables them to leave behind outdated methods of financial management and take the yachting industry into the future.
If you would like to find out how Orenda could help your organisation to expand its financial service offerings, get in touch.
