With the fintech industry constantly diversifying, we can expect to see interesting new projects appear in the future. One of the latest start-up ideas is that of making it easier to carry out on-course golf challenges with other players, which is going to be possible thanks to the LoopGolf app. This Fintech was founded in 2021 and they want to allow golfers to wager against their friends and then track the round all the way to the end before settling any wins or losses swiftly.
More About the Company
At the heart of LoopGolf, there’s a digital wallet that the user puts their money into after verifying their identity, similar to the way apps like Venmo work. When they’re getting ready to compete against another golfer, they set up the match in the app, with the ability to then track the score as the round gets played, seeing at all times how much money they’re ahead or behind.
When the round is finished, each player sees the full results and the settlement gets made for the amount won or lost. The overall idea is to get a slicker experience where the users can carry out the full process in one place without any worries. As for cost, the app itself will be free to download and use. The only cost will come when someone wants to move money out of the app.
Matt Rum and Thomas Reinholm are co-founders of LoopGolf and are currently the only full-time employees. Michael Sarzynski and Scott Brittain are mentioned as being among the original co-founders of the start-up. At the time of writing, they’ve raised a total of $1.3 million in funding and are hoping to reach $2 pre-seed funding by the end of 2022.
How Does It Fit into the Area of Sports Technology?
The LoopGolf project is another sign of how the latest technology is being used to enhance different aspects of the sporting industry, and there are many others to consider. For example, we can see how virtual reality (VR) can be used so that players get the chance to train in a safe, controlled environment anywhere and at any time. Technological advances mean that it can be used for more than simply closed play situations like striking or kicking a ball now.
The World Cup in 2022 has introduced new ideas for fans who go to major events like this. Visa has provided a range of payment solutions such as being able to pay with facial recognition technology and the ability to scan a QR code to receive a pre-paid digital card instantly, for use in Qatar during the event.
Those fans who watch the action at home can now do so through a wide variety of streaming options, and there have been recent attempts to include VR in this method of viewing a game. Fans can also bet on online sportsbooks, and these sportsbook software providers confirm that they use a customizable odds feed and real-time analytics so that operators can offer the most accurate odds on their sites.
The LoopGolf app should give golf fans the chance to add a competitive edge to their games very easily, with a smooth and secure process that removes the main worries when challenging other players. However, this is just one of the signs of how technology is used to make sports more exciting and more accessible for those who follow them as well as those who want to play some games.