PayPal to invest $500 million in Uber before IPO
Online payments company PayPal Holdings Inc plans to invest $500 million in Uber Technologies Inc as the ride-hailing firm readies to unveil terms for its initial public offering on Friday, Refinitiv IFR reported.
PayPal will invest in Uber through a concurrent private placement at the IPO price, IFR reported on Thursday, citing sources.
A financial services component is important to Uber as it works to expand into a "superapp" of logistics and transportation services.
Superapps are applications where customers go for a range of services, such as transportation, shopping, and payments. Such companies can be much more lucrative than those that offer just one core business or service.
Uber is expected to tell investors it will seek to be valued at between $80 billio...