How Blackstone transformed Bumble — Millennium's investor letter — Head of secretive Goldman desk exits

Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:

  • These are the steps Blackstone took to transform dating-app Bumble, which hits the public markets today.  
  • Check out the latest investor letter from billionaire and Millennium founder Izzy Englander
  • Goldman Sachs’ Ram Sundaram, a 20-year veteran of the firm, is departing the bank.

We are also looking for nominations for upcoming list of top equity research analysts under 35. Find out more about the list, and how to nominate someone here. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Here’s how private-equity giant Blackstone transformed Bumble, the dating app targeting a valuation of more than $7 billion in its upcoming IPO

Bumble makes its public market debut today. Take an inside look at some of the changes made at the dating app by private-equity giant Blackstone following its 2019 buyout of the startup. 

Click here to read the entire story.

A new investor letter from billionaire hedge-fund manager Izzy Englander lays outs Millennium’s massive 2020, from blockbuster performance to a global hiring spree

Check out some of the key points from billionaire Izzy Englander’s letter to Millennium investors. Read more here.

How BlackRock is ‘sprinting’ to solve ESG’s data dilemma, according to Aladdin’s sustainability head

As ESG is on the rise, BlackRock is looking to provide a valuable resource for sustainable investors: data analytics. See more here. 

Read the full memo announcing the exit of a Goldman Sachs exec who built the 1MDB trades that landed the bank in trouble.

A Goldman executive that led a secretive trading unit that made exotic, and profitable, trades for the bank is leaving. Get the full rundown here.

Former TD Ameritrade CEO and chairman Joe Moglia’s SPAC just announced plans to acquire fintech OppLoans in a deal valued at $800 million

Joe Moglia, founder and chairman ofOppFi

A SPAC led by a former TD Ameritrade executive — and college football coach — has found its target. See more here.

Billionaire Alan Howard’s hedge fund Brevan Howard just hired a longtime Goldman Sachs mortgage trader as a portfolio manager

Brevan Howard co-founder and billionaire Alan Howard has changed roles to focus more on trades.Ringo Chiu/ZumaPresses

Brevan Howard just nabbed a Goldman veteran to run a mortgages-focused portfolio in New York. Read more here.

 

A startup helping community banks expand their reach with digital offerings just nabbed a $53 million Series C round led by Insight Partners

Nymbus CEO Jeffery KendallNymbus

A fintech that offers ‘banking in a box’ tools for smaller banks just raised a $53 million Series C round. Find out more here.

Ramp just raised $150 million in debt financing from Goldman Sachs as the fintech looks to underwrite corporate cards for a wider range of businesses

Karim Atiyeh and Eric Glyman, cofounders of Ramp.Ramp

A corporate-card startup just closed $150 million in debt financing from Goldman Sachs. Now it’s hoping to expand the businesses it can underwrite for. Read more here.

Odd lots:

Endless Boom in Blank Check Companies Is Wearing Out Insurers (Bloomberg)

Robinhood’s CEO defends high-frequency trading after its handling of the GameStop short-squeeze, saying that the practice yields ‘better’ prices for the everyday investor (BI)

Coleman Leads $23 Billion Payday for 15 Hedge Fund Earners (Bloomberg)

The untold story of how StockX grew into a profitable $2.8 billion sneaker marketplace in just 5 years (BI)

Big banks, including Deutsche Bank and Bank of America, are testing employees for COVID-19 before they step into the office. Here’s how they are doing it (BI)

Fidelity Holds Secret Weapon to Take On Robinhood and Vanguard (WSJ)

GameStop Revives Fights Over Stock Tax, HFT Firms Buying Orders (Bloomberg)

The wealthy fled to these 10 vacation towns during the pandemic, transforming them into year-round hot spots (BI)

Nasdaq, NYSE Sue SEC to Block Market Data Overhaul (WSJ)

JPMorgan hires Chuka Umunna to lead ESG efforts in Europe (Financial News)

Learn more about the financial services industry.

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