Paypal Invests $500M Into Uber To Expand Partnership

Considering all the hoopla surrounding the upcoming IPO of Uber, the company is busy rounding up investments to reach its valuation goal of $80 to $90 billion once it goes public.

One of these pre-IPO investments includes a whopping sum from PayPal, which is hoping to extend its continuing partnership with the startup, which dates back into 2013. Since then, Uber’s program has enabled drivers to use PayPal as a payment option both in the U.S. and Australia.

PayPal boss Dan Schulman mentioned that deal in a LinkedIn post early Friday.

“This is another significant milestone on our journey to be a platform partner of choice, helping to enable global commerce by connecting the world’s leading marketplaces and payment networks,” he wrote.

Before this month, the organization’s self-driving tech group obtained a $1 billion investment led by Toyota and it publicly filed with the US Securities and Exchange Commission for a potential $120 billion initial public offering. On Friday, it set an IPO price range of $44 to $50 a share.

The San Francisco-based firm was prepping for its expected IPO with other valuation-boosting venture capital financing, such as a couple SoftBank-provided billion-dollar rounds because of its driverless car program. Uber intends to divest its driverless app as its own unit. Therefore, it is sensible to seek out financing from among its shareholders. Uber’s Advanced Technologies Group (ATG)–the leg that works the organization’s self-driving automobile advancement –will currently run as its subsidiary.

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