Technology has undeniably made many aspects of modern life easier. Within the sector, a number of specialized industries have sprouted. Fintech (Finance + Technology) is one booming example. Fintech uses technology (everything from mobile apps to Artificial Intelligence) to transform financial and banking services while solving problems for users. One standout is the Cashmere app, a savings platform for luxury eCommerce targeted to millennials.
Founder Urenna Okonkwo started the app after seeing a great pair of shoes with a pricetag that “felt irresponsible.” Although she was working as a financial advisor, Okonkwo was dealing with the same financial challenges faced by most millennials. She knew that the financial world was not geared toward millennials, and in particular tends to not be focused toward women. Okonkwo said that “a lot of times I felt they were always very geared towards what men would like to do, such as football and golf. The women were on the sidelines with their wine in their hand.” Cashmere seeks to get millennial women off the sidelines by helping them enjoy luxury while also being financially savvy.
Starting Cashmere was no easy task, as Okonkwo had to learn tech skills and hire developers while also dealing with the challenges of being the rare black woman in the tech industry. She even faced doubts from her traditional Nigerian family. But ultimately, Okonkwo stuck to her guns and persevered, and it has paid off. She earned a spot on the 2018 TechWomen100 list.
Why has Cashmere been so successful in targeting millennial women? Beyond the convenience of mobile apps and the unique and attractive idea of saving money specifically for luxury and fashion items, Cashmere knows how to speak to its target market. The UK-based app knows why young people are special and can speak to their strengths in a way they respond to: “Being able to micro save to own your favourite luxury items, such as those YSL heels you’ve been eyeing for God knows how long, without realising, is pretty genius tbh.”
One fan tweets: “But guys, CASHMERE IS LITTTTTT @CashmereTheApp . Yallll can have my coins ????????????. Browsing through the site and it’s everything ????”
Yup, Cashmere is lit. Thanks to the app, Fintech is finally catering to the millenial crowd and getting women off the sidelines, wine or no wine.