PayPal to invest USD 500 mln in Uber

Tuesday 30 April 2019 11:39 CET | News

PayPal has allegedly shared its plans to invest USD 500 million in Uber, Reuters reports.

PayPal will invest in Uber through a concurrent private placement at the IPO price.

According to the publication, Uber works to expand into a “superapp” of logistics and transportation services, a financial services component proving important in this sense. Superapps are applications where customers go for a range of services, such as transportation, shopping, and payments.

Uber is expected to tell investors it will seek to be valued at between USD 80 billion and USD 90 billion, according to people familiar with the matter.

Earlier in April 2019, Cambridge Blockchain, a digital identity enterprise software provider, has announced that PayPal has joined its Series A funding round.

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Keywords: PayPal, Uber, payments, IPO
Countries: World