Hedge funds are scrambling to find data on Robinhood

The weekend is almost here, folks.

As part of its ongoing transformation into your friendly neighborhood bank, Goldman Sachs is reportedly interested in buying General Motors' credit-card business, according to The Wall Street Journal.

Goldman's push to be more consumer-friendly — highlighted by its work on the Apple Card and the launch of digital-only consumer bank Marcus — has been well documented in recent years.

The latest reported attempt to land in Main Street's wallet is interesting, though. With a reported $3 billion in outstanding balances, GM's credit-card business is by no means a giant amongst co-branded cards. However, it's also not tiny.

Whether Goldman is able to close the deal, and how it looks to incorporate the new business, will be interesting to watch.

This is also the final call for submissions for our 2020 Rising Stars of Wall Street. If you haven't already, drop your nominations here.

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.

Everyone wants in on Robinhood's data

Just the other day I touched on Robinhood reporting DARTs data for the first time. A small footnote of the news, which was first reported by Bloomberg, touched on how Robinhood would no longer share trading data with third parties.

Well, turns out that's quite a big deal for some people. As reported by Dakin Campbell, with an assist from yours truly, Point72 Asset Management, the $16 billion hedge fund led by Steve Cohen, was among some financial firms scrambling to find a replacement for said data.

The story illustrates the significance, if not already clear, that Robinhood holds on Wall Street.

Getting a chuckle out of Robinhood users piling into bankruptcy stocks like Hertz and JCPenney is all fun and games. But the fact one of the world's biggest hedge funds wants Robinhood's data, and is frantically searching for a replacement, shows there is real money on the line.

If only you could create a data feed of r/WallStreetBets...

Huge South Korean lenders poured billions into risky US hotel debt in search of yield. Now that bet is souring as travel takes a hit.

Hotels aren't exactly killing it right now, and that could spell big trouble for some South Korean investors. Daniel Geiger has all the details on the high risk-high reward bets some South Korean companies have made in recent years that are starting to look dicey.

$34 billion Citadel poaches a rising star from billionaire Lee Ainslie's Maverick Capital to join its Ashler stock-picking unit

Life continues to be great for Ken Griffin. Citadel, his $34 billion hedge fund, just nabbed a young star from one of its competitors. Bradley Saacks has all the deets.

A fintech that helps Twitch, Showtime, and CBS manage their subscriptions is eyeing international growth after nabbing a big investment from Accel-KKR

All those subscriptions you pay for every month don't just happen overnight. There is plenty of work done behind the scenes to make sure things keep running smoothly. Investors have taken notice, as a private equity-firm just bought a majority stake in one startup. Shannen Balogh has the full story.

PayPal-backed rewards app Dosh is eyeing 150 million new customers through partnerships with Venmo and other fintechs as it taps into the booming cash-back industry

A startup focused on cash-back rewards has big plans thanks to a string of partnerships with fintechs. Our resident payments expert, Shannen Balogh, has all the details on where PayPal-backed Dosh has its sights set.

Odd lots:

Private-equity fundraising hit a 2-year low in Q2 as coronavirus wreaked havoc with businesses and travel. We spoke to experts about why the drop is a 'pause, rather than a wholesale change.' (Business Insider)

Meet the 21 biotech startups that top VCs say are poised to take off in the next 12 months (Business Insider)

The Spac race: Wall St banks jostle to get in on hot new trend (FT)

Even Wall Street's Biggest Bonuses Will Disappoint This Year (Bloomberg)

Two U.S. Agencies Examining Investments Sold by Crowdfunding Site YieldStreet (WSJ)

Taco Bell fans rush to order potatoes one last time before the chain eliminates 12 beloved menu items this week (Business Insider)