The Great Unlock: FinTech, Firearms, and the Future of RecTech
LandTrust Podcast | Ep. 3 – Inaugural Episode of the 'Outside's Insiders' Series featuring Dusty Wunderlich, Chief Strategy Officer at PublicSquare
The digital outdoor economy is undergoing a structural shift, driven not just by changing consumer preferences but by systemic financial exclusion and emerging technological tailwinds. Episode 3 of the LandTrust Podcast marks the inaugural episode of our Outside’s Insiders series, where we talk with founders, operators, and industry experts who are shaping the future of recreational technology aka RecTech.
In this episode, I sat down with Dusty Wunderlich, economist, contrarian thinker, and Chief Strategy Officer at Public Square, to explore how capital markets have failed the 2A and hunting segments of the outdoor industry, and where strategic investors should start paying attention.
From Capital Markets to Culture War
Dusty grew up in a small rural town, rose through global finance, then walked away. But what sets him apart is what came next. He co-founded Credova, a fintech company focused on consumer financing in underserved categories like firearms. That decision brought him face to face with a hidden obstacle that many ignore: systemic financial discrimination.
“The financial system has been weaponized. Not just against firearms, but any business that doesn’t align with the dominant political narrative,” Dusty explained. “That suppression has artificially stunted the growth of an entire category.”
This shouldn’t be read as a political argument; rather, it represents a significant market inefficiency. Many companies in the 2A and hunting segments have had to operate without access to traditional financial rails. That has created massive untapped demand and a landscape of undercapitalized businesses that are ripe for transformation.
RecTech’s Capital Starvation: A Once-in-a-Generation Opportunity
What would the 2A and hook-and-bullet economy look like with full access to capital?
Dusty argues that these sectors are five to six times smaller than they should be. Without access to banking, venture capital, or even basic payment processing tools, companies have been forced to operate in a restricted environment that hinders innovation and limits growth.
As the founder of LandTrust, I’ve felt this firsthand. Despite facilitating fully legal outdoor recreation, we’ve encountered pushback from traditional investors simply because hunting and firearms are part of our ecosystem.
But consumers haven’t turned away. They’re spending and they’re looking for new options. The opportunity is growing whether institutional investors are ready or not.
Tariffs, De-Dollarization, and the Case for Domestic Quality
Dusty brought a macroeconomic lens to our conversation, explaining how decades of monetary policy and trade dynamics have led to systemic imbalances. His view is that tariffs and inflation are not isolated events but signals of a deeper breakdown in a global economic model that can no longer be sustained.
“We’re seeing the end of consumerism as we know it. People want scarcity, not abundance. Quality, not quantity.”
This shift presents a clear opening for outdoor brands and RecTech platforms. As consumer values evolve, the winning platforms will focus on delivering experiences and community, not just products. Companies like LandTrust, Guidefitter, and BaseMap are already positioned for this new reality.
Dusty also emphasized that crypto, and particularly decentralized payment systems, may play a major role in the future. In industries where banks have failed to provide service, blockchain-based rails offer an alternative that is efficient, resilient, and aligned with the values of this consumer base.
Consolidation Is Coming, but This Time It’s Digital
Traditional M&A in the outdoor industry has focused on physical goods, rolling up manufacturers and retailers under holding companies like Revelyst (fka Vista Outdoors) or GSM Outdoors. But the next wave of consolidation will be digital.
Digital platforms don't suffer from the same issue of quality loss due to offshoring/cost-cutting that plagues product rollups. The challenge is in maintaining brand voice and customer trust. As a result, the real opportunity lies in bringing together digital services that share aligned values and customer profiles.
If done correctly, the result is a single ecosystem that owns the entire trip lifecycle: research, planning, mapping, licensing, booking experiences, and gear. Each component reinforces the other and creates a moat around customer retention and lifetime value.
“Trips drive the outdoor economy. If you own the trip, you can own everything around it,” I said during our conversation.
A Parallel Economy, Not a Niche
Dusty refers to the emerging market of freedom-aligned brands and platforms as the "parallel economy." It is not fringe. It represents the majority of 2A and hook-and-bullet outdoor spend, supported by millions of customers who have been ignored by institutions and misrepresented by media.
With the right capital, strategy, and technology, this sector will thrive.
TL;DR for Investors and Strategics:
The 2A and hunting segments of the outdoor economy are often undercapitalized due to systemic exclusion. That creates a unique opportunity.
Consumer preferences are shifting from material goods to experiences and quality. Bet on platforms, not just products.
Digital consolidation is the next frontier. The opportunity lies in building unified ecosystems around the outdoor trip.
Alternative payments and crypto are poised to disrupt legacy financial systems in sectors that have been excluded from traditional rails.
Companies like Credova, Grab A Gun, LandTrust, Guidefitter, BaseMap, & Brandt are building the digital infrastructure for a massive, underserved TAM.