PayPal to invest $500 million in Uber

Where do taxi drivers using PayPal solutions go now?

Payment giants PayPal have set their sights on a $500 million investment in ride-hailing firm Uber in the lead up to their much anticipated stock market offering. PayPal who are market leaders in digital payments will seek to invest in the controversial minicab app using a concurrent private placement at the IPO price expected to be between $44-$50, according to cited sources from Refinitiv IFR

Uber are expected to unveil the full details of its IPO launch next week with a likely valuation set between $80 billion and $90 billion, according to sources. PayPal are one of several payment solutions used by it’s perceived competitors; the licensed taxi industry. The news of its investment in Uber has sparked outrage on social media with many taxi drivers now seeking new methods to take mobile payments in their taxi. 

Card reader image: PayPal

Taxi image: TaxiPoint

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