Founders Fund vs M13

Trade Republic Revenue Hits €754M, Profit Nearly 7-Fold

German neobroker Trade Republic reported revenue of €754 million for fiscal year 2024/25 (ending September 2025), with net profit surging from €34.8 million to €232.6 million, a nearly sevenfold increase. Commission income from securities trading more than doubled to €733 million. The company now serves over 10 million customers and manages €150 billion in assets. In December 2025, a secondary transaction valued the company at €12.5 billion, raising €1.2 billion from investors including Founders Fund, GIC, Fidelity, Wellington, and the Arnault family. These results precede the EU-wide ban on payment for order flow (PFOF) effective July 2026, a key revenue driver. Trade Republic has adapted with best-price execution across 30 trading venues, while facing declining interest income and a legal settlement with a consumer protection agency over advertising claims.

• Trade Republic reported €754 million revenue and €232.6 million net profit for FY 2024/25 (ending September 2025).
• Commission income from securities trading more than doubled to €733 million.
• Trade Republic reached over 10 million customers and €150 billion in assets under management by end of 2025.

Peter Thiel Attacks AI Regulation in Nashville Lectures

In a four-part lecture series on the Antichrist held in Nashville, billionaire and Palantir co-founder Peter Thiel criticized AI regulation, calling it evil and accusing Pope Leo XIV and Barack Obama of exploiting AI fears for political gain. Thiel argued that such regulation could lead to a totalitarian world government, linking his views to his personal theology in which the Antichrist stops science. He also criticized the effective altruism movement for 'brainwashing' AI workers. Recordings of the first two lectures, with $100 tickets, were obtained by Politico. The Vatican and Pope Leo XIV have warned of AI's dehumanizing potential. Thiel's financial interests in AI, including Palantir and a $418 million AI-focused portfolio at Thiel Macro, are notable.

• Peter Thiel gave lectures in Nashville criticizing AI regulation, according to Politico recordings.
• Thiel accused Pope Leo XIV and Barack Obama of leveraging AI fears for their own popularity.
• Thiel described AI as 'the threat über alles of late modernity' in his lectures.

European Defense Tech Funding to Hit $10.5B Record

European defense tech startups have raised $7.4B in venture capital this year, nearly triple all of 2025 ($2.6B), according to the 'State of Defence Tech 2026' report by Dealroom and Resilience Media. The report projects year-end total to reach $10.5B. US investors now provide 47% of funding, up from 17% in 2020, with Accel, Founders Fund, General Catalyst, Lightspeed, and Y Combinator most active. Germany leads with $3.5B, driven by Munich firms Helsing ($1.8B round, $18B valuation) and Quantum Systems ($1.2B, $8B valuation). Defense tech now represents 11.1% of European VC, up from 4%. However, mega-rounds dominate (>85% of funding), exits remain scarce, and procurement hurdles persist in Germany and Britain.

• European defense tech startups raised $7.4B in VC in 2026, nearly triple 2025's $2.6B.
• US investors now provide 47% of funding, up from 17% in 2020.
• Germany leads with $3.5B raised, including Helsing's $1.8B round and Quantum Systems' $1.2B round.

What Is Agentic Identity? Meet Baselayer, the Identity Infrastructure for AI Agents

M13 announces fundraising for Baselayer, an identity infrastructure for AI agents, with a dedicated article published on September 22, 2026.

Investors Are Betting on AI Agents That Shop for You

Venture capitalists are increasingly funding startups building AI agents that can shop on behalf of consumers and handle payments. The article maps the emerging market for "agentic commerce," covering personal assistants like Instinct and Town, shopping search tools like Daydream, payment infrastructure startups like Catena Labs and Basis Theory, and marketing tech such as Profound. Major platforms are also moving: OpenAI and Stripe launched the Agentic Commerce Protocol, Google operates the Agent Payments Protocol, and Visa and Mastercard introduced Trusted Agent Protocol and Agent Pay. However, the space faces trust and fraud challenges, illustrated by Phia's cookie-stuffing scandal and an Instinct agent error that cost a user around $300. Investor interest remains strong, with millions raised across the sector, even as enterprise adoption lags due to compliance and security concerns.

• Adobe Analytics reported that 41% of respondents used AI for online shopping in June 2026.
• OpenAI and Stripe launched the Agentic Commerce Protocol (ACP), while Google operates the Agent Payments Protocol.
• Profound raised $96 million in Series C funding led by Lightspeed Venture Partners.