PayPal agrees to speculate $500M in Uber because it extends partnership

PayPal on Friday revealed that it will pump $500 million into Uber because it extends a partnership the businesses have maintained since 2013.

As a part of the extension, the net fee firm will look into creating the ride-hailing service‘s digital pockets.

PayPal boss Dan Schulman talked about that deal in a LinkedIn publish early Friday.

“That is one other important milestone on our journey to be a platform companion of selection, serving to to allow international commerce by connecting the world’s main marketplaces and fee networks,” he wrote.

Uber did not instantly reply to request for touch upon the PayPal announcement.

Earlier this month, the corporate’s self-driving tech group acquired a $1 billion funding led by Toyota and it publicly filed with the US Securities and Change Fee for a possible $120 billion preliminary public providing. On Friday, it set an IPO value vary of $44 to $50 a share.

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