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Friday, April 26, 2019

PayPal To Invest $500 Million Into Uber


PayPal Holdings Inc. has agreed to purchase $500 million of Uber’s stock at the IPO price in a private placement. PayPal has supported San Francisco-based Uber’s payment capabilities since 2013 and is the company’s lead payment-processing partner in the U.S. and Australia. 

This new investment is part of a deal to extend the companies’ global partnership to explore future payment collaborations, including the development of a digital wallet for Uber, according to a PayPal spokesperson.

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 billion and $90 billion, according to people familiar with the matter.

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