StepLadder joins up with Cashmere to help groups save for luxury items

Josh Peachey's picture

A collaborative deposit scheme company has partnered with Cashmere, a smart luxury shopping platform to allow people to raise money for the luxury items they want. 

The ‘Stepping Out’ Circle, from StepLadder and Cashmere, is designed to provide a manageable way for fashionistas to raise money to purchase items on their wish lists. 

The two female founders behind each company, Lucy Mullins and Urenna Okonkwo, aim to help people resist dipping into their savings by borrowing money from other people. 

Within the ‘Stepping Out’ Circle, members are grouped together to lend and borrow from one another. They contribute an identical sum of money each month. 

Then, each month, a Circle member is selected and receives the full amount of the Circle to treat themselves to a luxury item of choice using the Cashmere App.

StepLadder supposedly empowers first-time buyers to get on the housing ladder faster by collaborating with peers - the company isn't covered by the Financial Services Compensation Scheme.

By 2025, millennials are expected to make up over 50% of the personal luxury market. In recent years many retailers have implemented “buy now pay later” deals to draw in impressionable customers.

Lucy Mullins, Co-Founder of StepLadder, said: “Urenna and I have joined forces to empower women who want to take charge of their finances.

"Our members can raise money for luxury fashion items in a responsible way, whilst potentially improving their credit rating, building a long-term responsible attitude towards money, and being part of a supportive community. This partnership with Cashmere is just the start of transforming the way people reach their financial goals”.