Introduction

The U.S. consumer credit market is in the midst of a quiet revolution. What was once a tightly held domain dominated by legacy banks has been reshaped by regulatory shifts, evolving consumer expectations, and the rise of banking-as-a-service (BaaS) infrastructure. These developments have opened the door for fintechs and non-financial brands to launch credit products tailored to narrow, often underserved, customer segments.

This modular approach to credit creation is fueling a new generation of verticalized fintech—financial services built for specific lifestyles, industries, or communities. Rather than pursuing broad-market utility, vertical fintechs compete by embedding themselves in their customers’ daily lives, offering user experiences and rewards that reflect the unique rhythms, needs, and values of those they serve.

Consider Karat Financial, which designed a business credit card for digital creators. Instead of evaluating applicants based on traditional income or credit scores, Karat looks at creator-specific metrics—such as engagement and platform revenue. This reimagining of credit underwriting allows the company to extend meaningful financial tools to a previously neglected cohort.

The same opportunity now exists in another high-value but overlooked vertical: golf.

Golf’s Generational Shift: New Demographics, New Expectations

The golf industry is undergoing its own transformation. Once perceived as an insular and aging sport, golf has welcomed a younger, more diverse, and digitally native generation. Today, 18–34-year-olds comprise the largest group of on-course participants, while women and people of color now account for 28% and 25% of players, respectively (National Golf Foundation, 2024). Simultaneously, off-course golf—via simulators, entertainment venues, and technology-driven formats—is drawing millions of newcomers, many of whom eventually migrate to traditional courses.

This demographic shift is more than cosmetic; it represents a change in consumer behavior. The modern golfer is experience-driven and tech-savvy, expecting personalization, convenience, and cross-platform engagement. Their golf spend extends well beyond green fees to include travel, equipment, apparel, private club dues, and instruction—yet no single platform has effectively consolidated these touch points.

The parallels with broader fintech trends are unmistakable. Just as today’s consumers demand integrated, intuitive financial tools, golfers now seek unified rewards and seamless engagement across a fragmented and often analog industry.

The Problem: A High-Spending Market, Fragmented by Design

Golfers rank among the most affluent and engaged recreational consumers in the U.S., outspending participants in nearly every other leisure category. On average, they spend over $2,200 per year on golf-related goods and experiences—with core golfers and private club members easily exceeding tens of thousands annually. Cumulatively, the U.S. golf economy accounts for more than $100 billion in consumer spending.

Yet this spend is deeply fragmented. Dollars are scattered across thousands of independent courses, brands, service providers, and travel destinations. The lack of an integrated rewards mechanism has created a vacuum in loyalty: even the most committed golfers receive little cumulative benefit from their high engagement.

Mainstream credit cards have largely ignored this gap. Products like Chase Sapphire Reserve or Amex Platinum offer only tangential golf perks—typically limited to event access or luxury travel experiences. Previous golf-branded credit cards failed to gain traction, largely due to their narrow focus and poor integration with the broader golf ecosystem.